Mapleton, Illinois Property Taxes
The median property tax rate in Mapleton, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mapleton at $169,995, the typical annual property tax bill reaches $4,140, exceeding the national median of $2,690. Property taxes in Mapleton 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 Mapleton'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 Mapleton 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
Mapleton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$4,369
$4,269
Ownwell’s Mapleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mapleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mapleton 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 Mapleton, Illinois
Property taxes in Mapleton, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mapleton is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mapleton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mapleton 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 Mapleton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61547 zip code has the highest median property tax rate of 2.57%, while the 61547 zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Mapleton provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mapleton Tax Rate
2.57%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mapleton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61547 | 2.26% | 2.44% | 2.57% | 2.75% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Mapleton, Illinois
In Mapleton, 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 Peoria 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 Mapleton, 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 Mapleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61547, with a tax bill of $4,140, which is significantly higher than the national median property tax rate of 0.99%.
Average Mapleton Assessed Value
$169,995
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mapleton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61547 | $8,265 | $108,788 | $169,995 | $226,838 | $281,073 |
Source: Ownwell
Property Tax Bills Across Mapleton, Illinois
In Mapleton, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, market conditions, and any applicable exemptions or deductions can influence the assessed value. For a median home price of $169,995 in Mapleton, homeowners can expect tax bills that vary widely. The 25th percentile tax bill stands at $2,540, while the 75th percentile reaches $5,815, and the 90th percentile can be as high as $7,501. This range indicates significant variability in tax burdens, influenced by property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Mapleton's tax bills reflect the unique dynamics of Peoria County, affecting homeowners' financial planning and overall housing costs.
Average Mapleton Tax Bill
$4,140
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mapleton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61547 | $252 | $2,540 | $4,140 | $5,815 | $7,501 |
Source: Ownwell