Warrensburg, Illinois Property Taxes
The median property tax rate in Warrensburg, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Warrensburg, the typical annual property tax bill reaches $2,765, exceeding the national median of $2,690. Property taxes in Warrensburg 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 Warrensburg'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 Warrensburg 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
Warrensburg, 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 Warrensburg Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Warrensburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warrensburg to estimate your property tax bill accurately. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more granular insights, additional localized information is available further down the page. Your property’s assessed value is determined by Macon County for property tax purposes and accounts for any applicable exemptions.
Property Tax Rates Across Warrensburg, Illinois
Property taxes in Warrensburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warrensburg is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Warrensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warrensburg 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 Warrensburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62573 zip code has both the highest and lowest median property tax rate of 2.49%. Understanding how these cities compare with Warrensburg provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warrensburg Tax Rate
2.49%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warrensburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62573 | 1.95% | 2.25% | 2.49% | 2.70% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Warrensburg, Illinois
In Warrensburg, 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 Macon 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 Warrensburg, 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 Warrensburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Warrensburg is $2,765 in zip code 62573, while the lowest median tax bill is also $2,765 in the same zip code.
Average Warrensburg Assessed Value
$114,063
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warrensburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62573 | $61,635 | $87,804 | $114,063 | $149,522 | $223,412 |
Source: Ownwell
Property Tax Bills Across Warrensburg, Illinois
Property tax bills in Warrensburg, located in Macon County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Warrensburg, the median home price is $114,063. Homeowners in the 25th percentile can expect a tax bill around $2,024, while those in the 75th percentile may see bills as high as $3,769. The 90th percentile tax bills can reach $5,683. Various factors, such as property improvements and changes in the local tax rate, can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Warrensburg's rates can significantly impact homeowners' finances. High property taxes can affect affordability and the overall cost of homeownership, making it crucial for residents to understand how their tax bills are determined and what they can do to manage them effectively.
Average Warrensburg Tax Bill
$2,765
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Warrensburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62573 | $1,382 | $2,024 | $2,765 | $3,769 | $5,683 |
Source: Ownwell