Macon, Illinois Property Taxes
The median property tax rate in Macon, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Macon, the typical annual property tax bill reaches $2,137, slightly below the national median of $2,690. Property taxes in Macon 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 Macon'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 Macon or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Macon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$2,276
$2,224
Ownwell’s Macon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macon 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 Macon, Illinois
Property taxes in Macon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macon is 2.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Macon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macon 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 Macon's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62544 has both the highest and lowest median property tax rate of 2.16%. Understanding how these cities compare with Macon provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macon Tax Rate
2.16%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62544 | 1.53% | 1.93% | 2.16% | 2.37% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Macon, Illinois
In Macon, 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 Macon County Assessment Office 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 Macon, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Macon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Macon is $105,373, with tax bills ranging from $1,481 at the 25th percentile to $6,298 at the 90th percentile. The highest and lowest median tax bills are both $2,137 in the 62544 zip code.
Average Macon Assessed Value
$105,373
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62544 | $54,373 | $76,632 | $105,373 | $164,506 | $272,531 |
Source: Ownwell
Property Tax Bills Across Macon, Illinois
In Macon, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For context, the national median property tax rate is 0.99%. Several factors influence the assessed value, including the property's location, size, age, and condition. In Macon, the median home price is $105,373. Homeowners can expect tax bills that vary significantly depending on these factors. For instance, the 25th percentile tax bill is $1,481, while the 75th percentile tax bill is $3,528, and the 90th percentile tax bill can reach up to $6,298. High property taxes can impact homeowners by increasing their monthly housing costs, potentially making homeownership less affordable. Conversely, lower property taxes can make an area more attractive to potential buyers.
Average Macon Tax Bill
$2,137
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Macon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62544 | $919 | $1,481 | $2,137 | $3,528 | $6,298 |
Source: Ownwell