Mattoon, Illinois Property Taxes
The median property tax rate in Mattoon, IL is 2.91%, 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 at $58,383, the typical annual property tax bill reaches $1,570, 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
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
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 2.91%, 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 61938 zip code has the highest median property tax rate of 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with Mattoon provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mattoon Tax Rate
2.91%
Average Coles County Tax Rate
2.84%
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 | 1.81% | 2.28% | 2.91% | 2.92% | 2.93% |
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 Coles 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 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. For instance, the median home price is $58,383, with tax bills ranging from $1,041 at the 25th percentile to $3,710 at the 90th percentile. The highest and lowest median tax bill, both $1,570, are found in the 61938 zip code. By understanding 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
$58,383
Average Coles County Assessed Value
$64,296
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 | $27,216 | $40,868 | $58,383 | $89,610 | $141,387 |
Source: Ownwell
Property Tax Bills Across Mattoon, Illinois
In Mattoon, located in Coles County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the home's market value, which is determined by the local assessor's office. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Mattoon can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,041, while the 75th percentile reaches up to $2,288. At the 90th percentile, homeowners might see a tax bill as high as $3,710. Comparatively, the national median property tax rate is 0.99%. In Mattoon, the median tax bill stands at $1,570, aligning with the zip code 61938. These property taxes directly impact homeowners by influencing their annual housing costs and, in turn, their overall financial planning.
Average Mattoon Tax Bill
$1,570
Average Coles County Tax Bill
$1,659
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 | $598 | $1,041 | $1,570 | $2,288 | $3,710 |
Source: Ownwell