Makanda, Illinois Property Taxes
The median property tax rate in Makanda, IL is 2.74%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Makanda at $135,112, the typical annual property tax bill reaches $3,546, surpassing the national median of $2,690. Property taxes in Makanda are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Makanda'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 Makanda or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Makanda, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$3,702
$3,617
Ownwell’s Makanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Makanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Makanda 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 Makanda, Illinois
Property taxes in Makanda, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Makanda is 2.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Makanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Makanda 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 Makanda's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62958 has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these cities compare with Makanda provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Makanda Tax Rate
2.74%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Makanda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62958 | 1.67% | 2.43% | 2.74% | 3.06% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Makanda, Illinois
In Makanda, 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 Jackson County Assessment 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 Makanda, 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 Makanda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,546, found in the 62958 zip code.
Average Makanda Assessed Value
$135,112
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Makanda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62958 | $47,377 | $80,437 | $135,112 | $209,406 | $301,309 |
Source: Ownwell
Property Tax Bills Across Makanda, Illinois
Property tax bills in Makanda, located in Jackson County, IL, are determined based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence this calculation, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Makanda can expect a wide range in their tax bills. For instance, the 25th percentile tax bill is around $1,867, while the 75th percentile reaches up to $5,747. At the higher end, the 90th percentile tax bill can be as much as $8,810. Compared to the national median property tax rate of 0.99%, the tax rates in Makanda may seem high, but they reflect the local government's need to fund essential services such as schools, infrastructure, and public safety. Understanding how these factors come together can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Makanda Tax Bill
$3,546
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Makanda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62958 | $953 | $1,867 | $3,546 | $5,747 | $8,810 |
Source: Ownwell