Mackinaw, Illinois Property Taxes
The median property tax rate in Mackinaw, IL is 2.41%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mackinaw at $167,550, the typical annual property tax bill reaches $4,022, exceeding the national median of $2,690. Property taxes in Mackinaw 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 Mackinaw'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 Mackinaw 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
Mackinaw, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$4,038
$3,946
Ownwell’s MACKINAW Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MACKINAW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MACKINAW 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 Mackinaw, Illinois
Property taxes in Mackinaw, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mackinaw is 2.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mackinaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mackinaw 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 Mackinaw's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61755 zip code has both the highest and lowest median property tax rate of 2.41%. Understanding how these cities compare with Mackinaw provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mackinaw Tax Rate
2.41%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mackinaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61755 | 1.97% | 2.22% | 2.41% | 2.59% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Mackinaw, Illinois
In Mackinaw, 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 Tazewell County Assessment 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 Mackinaw, 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 Mackinaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61755 has the highest and lowest median tax bill, both at $4022.
Average Mackinaw Assessed Value
$167,550
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mackinaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61755 | $81,690 | $120,750 | $167,550 | $210,480 | $265,410 |
Source: Ownwell
Property Tax Bills Across Mackinaw, Illinois
In Mackinaw, Tazewell County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value. Factors such as property size, location, and improvements significantly impact the assessed value and, consequently, the tax bill. For homeowners in Mackinaw, the median home price stands at $167,550. Property tax bills can vary widely, with the 25th percentile tax bill at $2,763 and the 75th percentile reaching $5,151. At the 90th percentile, homeowners may see bills as high as $6,377. This variability highlights the influence of property value and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, the tax burden in Mackinaw can be substantial, affecting homeowners' financial planning and housing affordability. Understanding these factors is crucial for homeowners to manage their property tax liabilities effectively.
Average Mackinaw Tax Bill
$4,022
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mackinaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61755 | $1,751 | $2,763 | $4,022 | $5,151 | $6,377 |
Source: Ownwell