Murphysboro, Illinois Property Taxes
The median property tax rate in Murphysboro, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Murphysboro, the typical annual property tax bill reaches $1,885, exceeding the national median of $2,690. Property taxes in Murphysboro 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 Murphysboro'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 Murphysboro 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
Murphysboro, 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 Murphysboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murphysboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murphysboro 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 Murphysboro, Illinois
Property taxes in Murphysboro, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Murphysboro is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Murphysboro set these rates annually, and they can vary across different neighborhoods. Each year, Murphysboro 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 Murphysboro's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62966 has both the highest and lowest median property tax rate of 2.58%. Understanding how these areas compare with Murphysboro 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 Murphysboro Tax Rate
2.58%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murphysboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62966 | 1.40% | 2.09% | 2.58% | 3.22% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Murphysboro, Illinois
In Murphysboro, 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 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 Murphysboro, 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 Murphysboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Murphysboro is $75,650, with the highest and lowest median tax bills both recorded at $1,885 in the 62966 zip code.
Average Murphysboro Assessed Value
$75,650
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 Murphysboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62966 | $25,070 | $43,499 | $75,650 | $125,339 | $184,095 |
Source: Ownwell
Property Tax Bills Across Murphysboro, Illinois
In Murphysboro, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate set by Jackson County. Homeowners in Murphysboro face varying tax bills depending on their property’s value and the specific tax rate. For instance, homes in the 25th percentile have a tax bill around $1,023, while those in the 75th percentile see bills closer to $3,264, and the 90th percentile reaches up to $5,018. The median home price in Murphysboro is $75,650, and the median tax bill is $1,885, which is higher than the national median property tax rate of 0.99%. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors interplay helps homeowners anticipate their financial obligations and the benefits they receive in return.
Average Murphysboro Tax Bill
$1,885
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Murphysboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62966 | $513 | $1,023 | $1,885 | $3,264 | $5,018 |
Source: Ownwell