Morton, Illinois Property Taxes
The median property tax rate in Morton, IL is 6.22%, significantly exceeding both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Morton, the typical annual property tax bill reaches $2,228, which is below the national median of $2,690. Property taxes in Morton are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Morton’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Morton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.22%
Estimate Property Tax Bill
$2,228
$2,177
Ownwell’s Morton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morton 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 Morton, Illinois
Property taxes in Morton, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Morton is 2.09%, higher than both the Illinois state median of 2.09% and the U.S. national median of 0.99%. Local government entities within Morton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morton 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 Morton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61550 zip code has the highest median property tax rate of 2.09%, while the same zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Morton provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morton Tax Rate
6.22%
Average Lawrence County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | 6.22% | 6.22% | 6.22% | 6.22% | 6.22% |
Source: Ownwell
Property Tax Assessment Values Across Morton, Illinois
In Morton, 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 county assessor 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 Morton, 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 Morton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Morton are both $2,228, found in the zip code 61550.
Average Morton Assessed Value
$35,818
Average Lawrence County Assessed Value
$22,875
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | $35,818 | $35,818 | $35,818 | $35,818 | $35,818 |
Source: Ownwell
Property Tax Bills Across Morton, Illinois
In Morton, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by local taxing authorities. The median home price in Morton is $35,818, and homeowners in the area typically see tax bills around $2,228. This figure is consistent across different percentiles, indicating a uniform property tax rate in the region. Several factors influence the final tax bill, including the assessed value of the property, any applicable exemptions, and the specific tax rate applied by local jurisdictions. These factors combined determine the financial obligation of homeowners. Compared to the national median property tax rate of 0.99%, Morton's tax bills might seem steep given the relatively low median home price. However, the uniformity in tax bills suggests a balanced approach to property taxation in the area. This consistency provides homeowners with a predictable annual expense, aiding in financial planning and stability.
Average Morton Tax Bill
$2,228
Average Lawrence County Tax Bill
$743
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Morton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | $2,228 | $2,228 | $2,228 | $2,228 | $2,228 |
Source: Ownwell