Marshall, Illinois Property Taxes
The median property tax rate in Marshall, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marshall, the typical annual property tax bill reaches $1,676, which is below the national median of $2,690. Property taxes in Marshall 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 Marshall'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 Marshall 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
Marshall, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Marshall Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Marshall. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Marshall to provide an accurate estimate of your property tax bill. This easy-to-use tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value, determined by Clark County, is used for property tax calculations and incorporates any applicable exemptions.
Property Tax Rates Across Marshall, Illinois
Property taxes in Marshall, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62441 zip code has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Marshall provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
1.95%
Average Clark County Tax Rate
2.09%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62441 | 1.18% | 1.71% | 1.95% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Illinois
In Marshall, 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 Clark 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 Marshall, 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 Marshall 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 62441, at $1,676, which is above the national median property tax rate of 0.99%.
Average Marshall Assessed Value
$89,838
Average Clark County Assessed Value
$71,601
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62441 | $24,731 | $53,508 | $89,838 | $139,467 | $199,511 |
Source: Ownwell
Property Tax Bills Across Marshall, Illinois
In Marshall, located in Clark County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $89,838, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors that influence the tax bill include the property's location within the city, any applicable exemptions, and local government budget needs. For example, the median tax bill in Marshall is $1,676, which aligns with the highest and lowest median tax bills reported for the area. This figure is notably higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $907, while those in the 75th percentile face bills up to $2,704, and the 90th percentile sees tax bills as high as $4,141. These variations significantly impact homeowners' financial planning and budgeting.
Average Marshall Tax Bill
$1,676
Average Clark County Tax Bill
$1,431
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62441 | $387 | $907 | $1,676 | $2,704 | $4,141 |
Source: Ownwell