Medora, Illinois Property Taxes
The median property tax rate in Medora, IL is 1.79%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Medora, the typical annual property tax bill reaches $966, which is below the national median of $2,690. Property taxes in Medora 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 Medora'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 Medora 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
Medora, 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 Medora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medora 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 Medora, Illinois
Property taxes in Medora, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medora is 1.79%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Medora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medora 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 Medora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62063 zip code has the highest median property tax rate of 1.79%, while the same zip code also has the lowest median tax rate of 1.79%. Understanding how these cities compare with Medora provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medora Tax Rate
1.79%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62063 | 1.00% | 1.37% | 1.79% | 2.25% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Medora, Illinois
In Medora, 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 Macoupin County Assessor's 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. Assessment notices in Medora 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 Medora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $966.00 in the 62063 zip code, while the lowest median tax bill is also $966.00 in the same zip code.
Average Medora Assessed Value
$57,562
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62063 | $12,084 | $34,030 | $57,562 | $86,816 | $117,065 |
Source: Ownwell
Property Tax Bills Across Medora, Illinois
In Medora, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $57,562, homeowners can expect their property tax bill to fall within a range influenced by various factors such as property size, location, and improvements. Tax bills in Medora show significant variation, with the 25th percentile tax bill at $475 and the 75th percentile reaching $1,494. At the 90th percentile, tax bills can climb to $2,238. The highest median tax bill recorded in the area is $966. This variability means that homeowners' tax obligations can differ widely, impacting their annual financial planning. Compared to the national median property tax rate of 0.99%, Medora's property taxes align closely with national trends, although individual circumstances can lead to higher or lower tax bills. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their finances more effectively.
Average Medora Tax Bill
$966
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Medora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62063 | $218 | $475 | $966 | $1,494 | $2,238 |
Source: Ownwell