Modesto, Illinois Property Taxes
The median property tax rate in Modesto, Illinois is 1.66%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Modesto at $67,764, the typical annual property tax bill reaches $986, which is below the national median of $2,690. Property taxes in Modesto 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 Modesto'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 Modesto 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
Modesto, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$1,125
$1,099
Ownwell’s Modesto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Modesto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Modesto 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 Modesto, Illinois
Property taxes in Modesto, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Modesto is 1.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within Modesto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Modesto 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 Modesto's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62667 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Modesto provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Modesto Tax Rate
1.66%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Modesto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62667 | 0.66% | 1.32% | 1.66% | 2.02% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Modesto, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Modesto, Illinois. 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 Macoupin 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 Modesto, 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. For instance, the median home price in Modesto is $67,764, with tax bills ranging from $487 at the 25th percentile to $2,278 at the 90th percentile. The zip code 62667 has the highest and lowest median tax bill of $986. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Modesto Assessed Value
$67,764
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Modesto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62667 | $18,131 | $36,357 | $67,764 | $107,590 | $149,338 |
Source: Ownwell
Property Tax Bills Across Modesto, Illinois
In Modesto, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $67,764, homeowners can expect their property tax bill to range significantly. At the 25th percentile, the tax bill is around $487, while it reaches $1,712 at the 75th percentile and can go up to $2,278 at the 90th percentile. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Modesto's rates can vary, impacting homeowners differently depending on their property's assessed value. These tax bills are essential for funding local services such as schools, infrastructure, and emergency services, directly affecting the quality of life and community resources available to residents.
Average Modesto Tax Bill
$986
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Modesto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62667 | $217 | $487 | $986 | $1,712 | $2,278 |
Source: Ownwell