Mount Clare, Illinois Property Taxes
The median property tax rate in Mount Clare, IL is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Clare, the typical annual property tax bill reaches $835, which is below the national median of $2,690. Property taxes in Mount Clare 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 Mount Clare'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 Mount Clare 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
Mount Clare, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$834
$814
Ownwell’s Mount Clare Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Clare with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Clare 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 Mount Clare, Illinois
Property taxes in Mount Clare, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Clare is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Clare set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Clare 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 Mount Clare's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62033 zip code has the highest median property tax rate of 2.09%, while the 62033 zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Mount Clare 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 Mount Clare Tax Rate
2.09%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Clare, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | 2.09% | 2.09% | 2.09% | 2.09% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Mount Clare, Illinois
In Mount Clare, 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 county authorities 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 Mount Clare, 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. For instance, the highest and lowest median tax bills in the area are both $835, found in the 62033 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Clare Assessed Value
$39,882
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 Mount Clare, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | $39,882 | $39,882 | $39,882 | $39,882 | $39,882 |
Source: Ownwell
Property Tax Bills Across Mount Clare, Illinois
In Mount Clare, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. Homeowners in Mount Clare experience a median home price of $39,882, and the property tax rate in this area is reflective of the local government's budgetary needs for services such as schools, infrastructure, and public safety. The tax bill itself is influenced by various factors, including the property's assessed value and the local tax rate. In Mount Clare, the median property tax bill stands at $835, which aligns with the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across different property values. Compared to the national median property tax rate of 0.99%, Mount Clare's property taxes can be seen as relatively stable and predictable, providing homeowners with a clear understanding of their financial obligations. This consistency helps homeowners budget more effectively and contributes to the overall economic stability of the community.
Average Mount Clare Tax Bill
$835
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Clare, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62033 | $835 | $835 | $835 | $835 | $835 |
Source: Ownwell