Maroa, Illinois Property Taxes
The median property tax rate in Maroa, IL is 2.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Maroa at $170,920, the typical annual property tax bill reaches $4,168, exceeding the national median of $2,690. Property taxes in Maroa 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 Maroa'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 Maroa 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
Maroa, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$3,589
$3,507
Ownwell’s Maroa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maroa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maroa 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 Maroa, Illinois
Property taxes in Maroa, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maroa is 2.10%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Maroa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maroa 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 Maroa's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61756 zip code has both the highest and lowest median property tax rate of 2.10%. Understanding how these cities compare with Maroa provides valuable insights into the varying tax landscape across De Witt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maroa Tax Rate
2.10%
Average De Witt County Tax Rate
2.10%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maroa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61756 | 1.75% | 1.88% | 2.10% | 2.99% | 6.12% |
Source: Ownwell
Property Tax Assessment Values Across Maroa, Illinois
In Maroa, 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 De Witt 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 Maroa, 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 Maroa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Maroa both stand at $4,168, specifically in the 61756 zip code.
Average Maroa Assessed Value
$170,920
Average De Witt County Assessed Value
$142,472
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maroa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61756 | $96,604 | $124,315 | $170,920 | $223,885 | $309,702 |
Source: Ownwell
Property Tax Bills Across Maroa, Illinois
In Maroa, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is typically a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Maroa, the median home price is $170,920. Homeowners in the 25th percentile can expect a tax bill around $2,899, whereas those in the 75th percentile may see bills closer to $5,928. For those in the 90th percentile, tax bills can reach up to $9,324. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the local tax rates and property values. Homeowners in Maroa should be aware that their tax bills can vary widely depending on the assessed value of their property and the specific tax rates applied in their area.
Average Maroa Tax Bill
$4,168
Average De Witt County Tax Bill
$3,614
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Maroa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61756 | $2,210 | $2,899 | $4,168 | $5,928 | $9,324 |
Source: Ownwell