Macedonia, Illinois Property Taxes
The median property tax rate in Macedonia, IL is 1.75%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Macedonia at $51,556, the typical annual property tax bill reaches $721, which is significantly below the national median of $2,690. Property taxes in Macedonia are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Macedonia'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 Macedonia 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
Macedonia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$902
$882
Ownwell’s Macedonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macedonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macedonia 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 Macedonia, Illinois
Property taxes in Macedonia, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macedonia is 1.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within Macedonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macedonia 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 Macedonia's effective property tax rate to other counties in Illinois and the national median. For comparison, ZIP code 62860 has the highest median property tax rate of 1.75%, while the same ZIP code also has the lowest median tax rate of 1.75%. Understanding how these areas compare with Macedonia provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macedonia Tax Rate
1.75%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macedonia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62860 | 0.79% | 1.31% | 1.75% | 1.89% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Macedonia, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Macedonia, Illinois. 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 local 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 Macedonia, 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 Macedonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Macedonia, the highest and lowest median tax bills are both $721, found in the 62860 zip code. This information is essential for property owners aiming to understand their potential tax liabilities and explore ways to minimize them.
Average Macedonia Assessed Value
$51,556
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macedonia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62860 | $11,586 | $23,248 | $51,556 | $119,667 | $187,405 |
Source: Ownwell
Property Tax Bills Across Macedonia, Illinois
In Macedonia, located in Hamilton County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. For instance, if the median home price in Macedonia is $51,556, the assessed value would be a fraction of this amount, depending on local assessment practices. Several factors influence the final tax bill, including property characteristics, improvements, and any applicable exemptions. Homeowners in Macedonia can expect a range of tax bills; the 25th percentile tax bill is $349, while the 75th percentile reaches $1,986. At the higher end, the 90th percentile tax bill is $3,416. Compared to the national median property tax rate of 0.99%, Macedonia's property tax rates reflect local economic conditions and funding needs for public services. These taxes significantly impact homeowners by affecting their annual expenses and potentially influencing property values.
Average Macedonia Tax Bill
$721
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Macedonia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62860 | $159 | $349 | $721 | $1,986 | $3,416 |
Source: Ownwell