Mason City, Illinois Property Taxes
The median property tax rate in Mason City, IL is 2.83%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mason City, the typical annual property tax bill reaches $3,171, surpassing the national median of $2,690. Property taxes in Mason City 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 Mason City'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 Mason City 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
Mason City, 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 Mason City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason City 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 Mason City, Illinois
Property taxes in Mason City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason City is 2.83%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mason City set these rates annually, and they can vary considerably across different neighborhoods. Each year, Mason City 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 Mason City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62664 zip code has the highest median property tax rate of 2.83%, while the 62664 zip code also has the lowest median tax rate of 2.83%. Understanding how these areas compare with Mason City provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason City Tax Rate
2.83%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62664 | 2.36% | 2.66% | 2.83% | 3.07% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Mason City, Illinois
In Mason City, 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 Mason 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 Mason City, 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 Mason City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mason City is $3,171 in the 62664 zip code, while the lowest median tax bill is also $3,171 in the same zip code.
Average Mason City Assessed Value
$109,494
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62664 | $20,365 | $50,560 | $109,494 | $175,467 | $242,887 |
Source: Ownwell
Property Tax Bills Across Mason City, Illinois
In Mason City, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by local taxing authorities. Factors such as the home's market value, any applicable exemptions, and local levy rates play a crucial role in determining the final tax bill. For homeowners in Mason City, the median home price stands at $109,494. Property tax bills can vary significantly, with the 25th percentile paying around $1,504, while those in the 75th percentile face bills up to $4,935. At the 90th percentile, homeowners might see tax bills as high as $7,047. The median property tax rate in Mason County is notably higher than the national median of 0.99%. Understanding these factors is essential for homeowners, as property taxes can significantly impact annual budgets and long-term financial planning. Accurate assessments and potential exemptions can help manage these costs effectively.
Average Mason City Tax Bill
$3,171
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62664 | $626 | $1,504 | $3,171 | $4,935 | $7,047 |
Source: Ownwell