Mattoon, Illinois Property Taxes
The median property tax rate in Mattoon, IL is 2.36%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mattoon, the typical annual property tax bill reaches $2,954, exceeding the national median of $2,690. Property taxes in Mattoon 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 Mattoon'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 Mattoon 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
Mattoon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$2,923
$2,857
Ownwell’s Mattoon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mattoon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mattoon 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 Mattoon, Illinois
Property taxes in Mattoon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mattoon is 2.36%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mattoon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mattoon 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 Mattoon's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61938 has both the highest and lowest median property tax rate of 2.36%. Understanding how these cities compare with Mattoon provides valuable insights into the varying tax landscape across Moultrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mattoon Tax Rate
2.36%
Average Moultrie County Tax Rate
2.15%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mattoon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61938 | 2.17% | 2.26% | 2.36% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Mattoon, Illinois
In Mattoon, 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 Moultrie County Assessor 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 Mattoon, 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. The median home price in Mattoon is $123,871, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $711, while at the 75th percentile, it reaches $3,356. 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 Mattoon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mattoon Assessed Value
$123,871
Average Moultrie County Assessed Value
$97,648
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mattoon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61938 | $12,175 | $28,485 | $123,871 | $135,405 | $166,519 |
Source: Ownwell
Property Tax Bills Across Mattoon, Illinois
In Mattoon, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is typically a fraction of the market value, determined by local assessment practices. For instance, the median home price in Mattoon is $123,871. Property tax rates are then applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's location within Moultrie County, local tax rates, and any applicable exemptions or deductions. The impact on homeowners can vary significantly. For example, the 25th percentile tax bill is $711, while the 75th percentile tax bill reaches $3,356, and the 90th percentile peaks at $3,714. The highest median tax bill recorded in the area is $2,954 in the 61938 zip code. Compared to the national median property tax rate of 0.99%, Mattoon's rates can be a substantial financial consideration for homeowners, influencing decisions on purchasing and maintaining property.
Average Mattoon Tax Bill
$2,954
Average Moultrie County Tax Bill
$2,121
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mattoon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61938 | $623 | $711 | $2,954 | $3,356 | $3,714 |
Source: Ownwell