Plymouth, Illinois Property Taxes
The median property tax rate in Plymouth, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Plymouth, the typical annual property tax bill reaches $1,796, exceeding the national median of $2,690. Property taxes in Plymouth 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 Plymouth'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 Plymouth 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
Plymouth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$1,794
$1,753
Ownwell’s Plymouth Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Plymouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plymouth 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 Plymouth, Illinois
Property taxes in Plymouth, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plymouth is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Plymouth set these rates annually, and they can vary across different neighborhoods. Each year, Plymouth 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 Plymouth's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62367 zip code has the highest median property tax rate of 2.42%, while the same zip code also has the lowest median tax rate of 2.42%. Understanding how these figures compare with Plymouth provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Plymouth Tax Rate
2.42%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plymouth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62367 | 2.42% | 2.42% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Plymouth, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Plymouth, Illinois. 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 McDonough 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. Assessment notices in Plymouth 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 Plymouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Plymouth is $74,151, with tax bills ranging from $1,648 at the 25th percentile to $5,577 at the 90th percentile. The highest and lowest median tax bills are both $1,796 in zip code 62367.
Average Plymouth Assessed Value
$74,151
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Plymouth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62367 | $64,361 | $68,032 | $74,151 | $171,726 | $230,271 |
Source: Ownwell
Property Tax Bills Across Plymouth, Illinois
In Plymouth, located in McDonough County, IL, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Plymouth, the tax rate is higher than the national median property tax rate of 0.99%, resulting in significant tax bills for residents. Several factors influence the tax bill, including property size, location, and improvements made to the property. For instance, the median home price in Plymouth is $74,151, and the tax bills can range widely. Homeowners at the 25th percentile pay around $1,648, while those at the 75th percentile face bills up to $4,159. At the 90th percentile, the tax bill can soar to $5,577. This variation can impact homeowners differently, with higher-valued properties bearing a larger tax burden. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Plymouth Tax Bill
$1,796
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Plymouth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62367 | $1,559 | $1,648 | $1,796 | $4,159 | $5,577 |
Source: Ownwell