Marine, Illinois Property Taxes
The median property tax rate in Marine, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marine, the typical annual property tax bill reaches $3,940, exceeding the national median of $2,690. Property taxes in Marine 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 Marine'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 Marine 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
Marine, 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 Marine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marine 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 Marine, Illinois
Property taxes in Marine, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marine is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marine 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 Marine's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62061 zip code has the highest median property tax rate of 2.19%, while the 62061 zip code also has the lowest median tax rate of 2.19%. Understanding how these cities compare with Marine provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marine Tax Rate
2.19%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62061 | 1.76% | 2.05% | 2.19% | 2.38% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Marine, Illinois
In Marine, 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 Madison County Appraisal District 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 Marine, 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 Marine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62061 has both the highest and lowest median tax bill, amounting to $3,940.
Average Marine Assessed Value
$177,988
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62061 | $75,286 | $115,510 | $177,988 | $273,724 | $365,940 |
Source: Ownwell
Property Tax Bills Across Marine, Illinois
In Marine, located in Madison County, IL, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual tax bill. For instance, with a median home price of $177,988, homeowners can expect varying tax bills depending on specific factors such as exemptions and local levies. The tax bill for the 25th percentile is around $2,353, while those in the 75th percentile face bills closer to $5,921. At the 90th percentile, tax bills can reach up to $7,845. These figures illustrate the range of property tax burdens homeowners in Marine may experience. Notably, the highest and lowest median tax bills within the zip code 62061 both stand at $3,940, highlighting some consistency in tax assessments across the area. Compared to the national median property tax rate of 0.99%, Marine's property taxes reflect the local economic conditions and funding requirements, significantly impacting homeowners' finances.
Average Marine Tax Bill
$3,940
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62061 | $1,321 | $2,353 | $3,940 | $5,921 | $7,845 |
Source: Ownwell