Mazon, Illinois Property Taxes
The median property tax rate in Mazon, IL is 3.04%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $120,110 in Mazon, the typical annual property tax bill reaches $3,928, far exceeding the national median of $2,690. Property taxes in Mazon 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 Mazon'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 Mazon 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
Mazon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$3,651
$3,568
Ownwell’s Mazon Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Mazon. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Mazon to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you plan your finances better. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Grundy County and includes any applicable exemptions, ensuring you get the most accurate tax estimate.
Property Tax Rates Across Mazon, Illinois
Property taxes in Mazon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mazon is 3.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mazon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mazon 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 Mazon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60444 zip code has the highest median property tax rate of 3.04%, while the same zip code also has the lowest median tax rate of 3.04%. Understanding how these cities compare with Mazon provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mazon Tax Rate
3.04%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mazon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60444 | 2.29% | 2.59% | 3.04% | 3.22% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Mazon, Illinois
In Mazon, 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 Grundy County Assessor's 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 Mazon, 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. The median home price in Mazon stands at $120,110, with tax bills ranging from $2,305 at the 25th percentile to $8,250 at the 90th percentile. Notably, the zip code 60444 has both the highest and lowest median tax bill at $3,928. 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 Mazon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mazon Assessed Value
$120,110
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mazon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60444 | $30,671 | $70,994 | $120,110 | $187,672 | $266,707 |
Source: Ownwell
Property Tax Bills Across Mazon, Illinois
In Mazon, located in Grundy County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Mazon is $120,110. Local tax rates are then applied to this assessed value to calculate the annual tax bill. For instance, homeowners in the 25th percentile pay around $2,305, while those in the 75th percentile pay about $5,880. The 90th percentile sees tax bills as high as $8,250. The highest and lowest median tax bills in Mazon are both $3,928, based on the zip code 60444. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and the funding needs of public services in the area. For homeowners, this means that property taxes can represent a substantial portion of their annual expenses, impacting their overall cost of living and financial planning.
Average Mazon Tax Bill
$3,928
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mazon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60444 | $1,099 | $2,305 | $3,928 | $5,880 | $8,250 |
Source: Ownwell