Mc Leansboro, Illinois Property Taxes
The median property tax rate in Mc Leansboro, IL is 1.82%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mc Leansboro, the typical annual property tax bill reaches $1,022, which is below the national median of $2,690. Property taxes in Mc Leansboro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mc Leansboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mc Leansboro or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Leansboro, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s MC LEANSBORO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MC LEANSBORO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC LEANSBORO to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mc Leansboro, Illinois
Property taxes in Mc Leansboro, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Leansboro is 1.82%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mc Leansboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Leansboro estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mc Leansboro's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62859 zip code has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Mc Leansboro provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Leansboro Tax Rate
1.82%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Leansboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62859 | 0.79% | 1.35% | 1.82% | 2.22% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Mc Leansboro, Illinois
In MC LEANSBORO, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Hamilton County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In MC LEANSBORO, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, the median home price in MC LEANSBORO is $58,029, with tax bills ranging from $431 at the 25th percentile to $3,237 at the 90th percentile. The zip code 62859 has the highest and lowest median tax bill, both at $1,022. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Leansboro Assessed Value
$58,029
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Leansboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62859 | $15,352 | $29,958 | $58,029 | $106,056 | $164,696 |
Source: Ownwell
Property Tax Bills Across Mc Leansboro, Illinois
In Mc Leansboro, located in Hamilton County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is typically a percentage of the property’s market value. Homeowners in Mc Leansboro can expect varying tax bills depending on the value of their property. For instance, the tax bill at the 25th percentile is around $431, while it rises to $2,016 at the 75th percentile and reaches $3,237 at the 90th percentile. Several factors influence the property tax bill, including the property's location within specific taxing jurisdictions, local tax rates, and any applicable exemptions or abatements. With a median home price of $58,029, the property tax rates can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Mc Leansboro's property taxes can be seen as relatively moderate. Understanding these factors helps homeowners anticipate their annual tax liabilities and manage their finances more effectively.
Average Mc Leansboro Tax Bill
$1,022
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Leansboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62859 | $195 | $431 | $1,022 | $2,016 | $3,237 |
Source: Ownwell