Murdock, Illinois Property Taxes
The median property tax rate in Murdock, IL is 2.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Murdock at $28,260, the typical annual property tax bill reaches $435, which is significantly lower than the national median of $2,690. Property taxes in Murdock 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 Murdock'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 Murdock 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
Murdock, 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 Murdock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murdock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murdock 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 Murdock, Illinois
Property taxes in Murdock, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murdock is 2.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Murdock set these rates annually, and they can vary across different neighborhoods. Each year, Murdock 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 Murdock's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61941 zip code has the highest median property tax rate of 2.31%, while the same 61941 zip code also has the lowest median tax rate of 2.31%. Understanding how these areas compare with Murdock provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murdock Tax Rate
2.31%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murdock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61941 | 0.54% | 1.26% | 2.31% | 2.41% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Murdock, Illinois
In Murdock, 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 Douglas 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 Murdock, 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 in Murdock is $28,260, with tax bills ranging from $238 at the 25th percentile to $1,464 at the 90th percentile. The highest and lowest median tax bill is $435, both found in the zip code 61941. 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 Murdock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Murdock Assessed Value
$28,260
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murdock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61941 | $8,965 | $17,013 | $28,260 | $54,567 | $67,293 |
Source: Ownwell
Property Tax Bills Across Murdock, Illinois
In Murdock, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Murdock is $28,260. Property taxes are then applied to this assessed value using the local tax rate. The national median property tax rate is 0.99%, but this can vary locally. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, in Murdock, the 25th percentile of tax bills is $238, while the 75th percentile reaches $829, and the 90th percentile goes up to $1,464. This range shows how property tax bills can vary significantly based on the value and characteristics of the property. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. By knowing how their tax bill is determined, residents can better plan their finances and explore potential exemptions to reduce their tax burden.
Average Murdock Tax Bill
$435
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Murdock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61941 | $119 | $238 | $435 | $829 | $1,464 |
Source: Ownwell