Maquon, Illinois Property Taxes
The median property tax rate in Maquon, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Maquon, the typical annual property tax bill reaches $1,858, which is below the national median of $2,690. Property taxes in Maquon 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 Maquon'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 Maquon 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
Maquon, 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 Maquon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maquon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maquon 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 Maquon, Illinois
Property taxes in Maquon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maquon is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Maquon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maquon 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 Maquon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61458 zip code has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Maquon provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maquon Tax Rate
2.11%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maquon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61458 | 0.25% | 0.92% | 2.11% | 2.60% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Maquon, Illinois
In Maquon, 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 local appraisal authorities 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 Maquon, 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 Maquon 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 both stand at $1,858 in the 61458 zip code, providing a clear benchmark for homeowners.
Average Maquon Assessed Value
$84,870
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maquon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61458 | $26,070 | $45,690 | $84,870 | $237,000 | $1,678,054 |
Source: Ownwell
Property Tax Bills Across Maquon, Illinois
In Maquon, located in Knox County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners in this region, the median home price stands at $84,870. Property taxes here are influenced by local tax rates and the assessed value of the property. The national median property tax rate is 0.99%, but rates can vary significantly depending on local policies. The tax bill can range widely, with the 25th percentile at $861, the 75th percentile at $3,628, and the 90th percentile reaching up to $6,435. These variations highlight how different factors such as property size, location, and improvements can affect the overall tax burden. Homeowners in Maquon should be aware of these factors as they can significantly impact their annual property tax bills. Understanding these elements can help homeowners better anticipate their financial responsibilities and potentially seek exemptions or appeals to reduce their tax burden.
Average Maquon Tax Bill
$1,858
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Maquon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61458 | $377 | $861 | $1,858 | $3,628 | $6,435 |
Source: Ownwell