Mount Morris, Illinois Property Taxes
The median property tax rate in Mount Morris, IL is 2.57%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $98,318, the typical annual property tax bill in Mount Morris reaches $2,461, which is still below the national median of $2,690. Property taxes in Mount Morris are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Mount Morris'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 Morris or another part of Ogle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Morris, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$2,527
$2,469
Ownwell’s Mount Morris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Morris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Morris 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 Morris, Illinois
Property taxes in Mount Morris, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Morris is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Morris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Morris 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 Morris's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61054 has both the highest and lowest median property tax rate of 2.57%. Understanding how these cities compare with Mount Morris provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Morris Tax Rate
2.57%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Morris, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61054 | 1.49% | 2.17% | 2.57% | 2.85% | 3.36% |
Source: Ownwell
Property Tax Assessment Values Across Mount Morris, Illinois
In Mount Morris, 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 Ogle County Assessor's Office 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 Morris, 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 Mount Morris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,461 in the 61054 zip code, while the lowest is also $2,461 in the same zip code.
Average Mount Morris Assessed Value
$98,318
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Morris, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61054 | $56,244 | $73,764 | $98,318 | $128,696 | $161,433 |
Source: Ownwell
Property Tax Bills Across Mount Morris, Illinois
In Mount Morris, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Mount Morris is $98,318, and the property tax rate in Ogle County influences the final tax bill. Homeowners in this area can expect tax bills ranging from $1,680 at the 25th percentile to $3,416 at the 75th percentile, with the 90th percentile reaching up to $4,507. Several factors contribute to determining the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax rates in Mount Morris can significantly impact homeowners' annual expenses, making it crucial for property owners to understand how their tax bills are calculated and what factors might influence any changes.
Average Mount Morris Tax Bill
$2,461
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Morris, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61054 | $1,045 | $1,680 | $2,461 | $3,416 | $4,507 |
Source: Ownwell