Marshall County Property Taxes
The median property tax rate in Marshall County is 2.51%, which is significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $137,295, the typical annual property tax bill in Marshall County reaches $3,331, surpassing the national median of $2,690. Property taxes in Marshall County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Marshall County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Lacon or another part of Marshall County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marshall County 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 Marshall County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshall County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Marshall County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Marshall County, Illinois
Property taxes in Marshall County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Marshall County is 2.51%, which is higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marshall County set these rates annually, and they can vary significantly between different areas within the county. Each year, Marshall County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Wenona has one of the higher property tax rates in Illinois at 2.92%, while the city of Hopewell boasts one of the lowest at 1.76%. Analyzing how Marshall County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bradford | 1.72% | 2.25% | 2.40% | 2.43% | 2.50% |
| Camp Grove | 1.78% | 2.24% | 2.51% | 2.52% | 2.52% |
| Chillicothe | 1.86% | 2.27% | 2.31% | 2.48% | 2.67% |
| Dana | 2.71% | 2.71% | 2.71% | 2.71% | 2.71% |
| Edelstein | N/A | N/A | N/A | N/A | N/A |
| Henry | 1.96% | 2.22% | 2.35% | 2.59% | 2.82% |
| Hopewell | 1.76% | 1.76% | 1.76% | 1.76% | 1.76% |
| Lacon | 1.43% | 2.09% | 2.43% | 2.71% | 3.05% |
| Lostant | 2.28% | 2.35% | 2.46% | 2.58% | 2.65% |
| Magnolia | 1.67% | 2.32% | 2.65% | 2.82% | 2.87% |
| Minonk | N/A | N/A | N/A | N/A | N/A |
| Putnam | 1.79% | 1.84% | 1.92% | 2.12% | 2.24% |
| Rutland | 2.25% | 2.49% | 2.67% | 2.88% | 3.06% |
| Sparland | 1.88% | 2.34% | 2.57% | 2.74% | 2.89% |
| Speer | 1.78% | 2.09% | 2.32% | 2.59% | 2.92% |
| Toluca | 1.73% | 2.22% | 2.71% | 3.03% | 3.42% |
| Varna | 1.81% | 2.28% | 2.49% | 2.68% | 2.77% |
| Washburn | 1.89% | 2.27% | 2.56% | 2.74% | 2.90% |
| Wenona | 2.19% | 2.55% | 2.92% | 3.17% | 3.17% |
| Wyoming | 2.05% | 2.12% | 2.56% | 2.67% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Marshall County, Illinois
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Marshall. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Marshall Appraisal District. The assessed value, however, 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. Assessment notices in Marshall are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Marshall, the city with the highest median tax bill is Dana at $5,967, while Hopewell has the lowest median tax bill at $965. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Marshall County, Illinois
Source: Ownwell
$51,548
$136,047
$220,545
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall County, Illinois
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bradford | $78,757 | $84,918 | $148,587 | $198,720 | $201,850 |
| Camp Grove | $18,891 | $34,460 | $51,548 | $129,511 | $254,657 |
| Chillicothe | $80,560 | $91,605 | $136,497 | $161,316 | $221,999 |
| Dana | $220,545 | $220,545 | $220,545 | $220,545 | $220,545 |
| Edelstein | N/A | N/A | N/A | N/A | N/A |
| Henry | $41,049 | $83,956 | $136,089 | $165,728 | $267,204 |
| Hopewell | $54,999 | $54,999 | $54,999 | $54,999 | $54,999 |
| Lacon | $37,354 | $67,676 | $114,447 | $164,055 | $214,529 |
| Lostant | $52,944 | $60,823 | $73,954 | $87,086 | $94,965 |
| Magnolia | $95,784 | $127,900 | $168,474 | $207,462 | $244,528 |
| Minonk | N/A | N/A | N/A | N/A | N/A |
| Putnam | $75,725 | $98,272 | $135,852 | $195,924 | $231,967 |
| Rutland | $46,998 | $84,820 | $135,216 | $196,078 | $231,884 |
| Sparland | $53,128 | $97,797 | $146,382 | $228,708 | $298,643 |
| Speer | $111,204 | $124,570 | $188,874 | $265,754 | $297,166 |
| Toluca | $35,826 | $68,736 | $119,760 | $208,860 | $293,250 |
| Varna | $57,076 | $91,685 | $157,557 | $212,798 | $361,923 |
| Washburn | $63,679 | $93,008 | $149,636 | $189,613 | $243,448 |
| Wenona | $45,808 | $70,618 | $133,388 | $192,584 | $253,963 |
| Wyoming | $43,250 | $77,091 | $172,446 | $269,098 | $342,965 |
Source: Ownwell
Property Tax Bills Across Marshall County, Illinois
In Marshall 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 tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $137,295, homeowners can expect varying tax bills depending on their property's assessed value and specific local tax rates. Factors such as property location, market conditions, and local government budgets significantly influence the final tax amount. In Marshall County, the 25th percentile tax bill is around $1,822, while the 75th percentile reaches $4,978, and the 90th percentile can go as high as $7,407. This range shows the variability in tax burdens within the county. Homeowners in Dana face the highest median tax bill at $5,967, whereas those in Hopewell benefit from the lowest at $965. These differences highlight how property taxes can vary widely, impacting homeowners' financial planning and overall affordability.
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bradford | $1,444 | $1,716 | $3,618 | $4,858 | $4,985 |
| Camp Grove | $340 | $529 | $1,073 | $3,247 | $6,368 |
| Chillicothe | $1,484 | $1,821 | $2,640 | $3,852 | $5,824 |
| Dana | $5,967 | $5,967 | $5,967 | $5,967 | $5,967 |
| Edelstein | N/A | N/A | N/A | N/A | N/A |
| Henry | $1,037 | $1,876 | $3,075 | $4,247 | $7,138 |
| Hopewell | $965 | $965 | $965 | $965 | $965 |
| Lacon | $770 | $1,563 | $2,711 | $4,202 | $5,861 |
| Lostant | $1,227 | $1,473 | $1,883 | $2,293 | $2,539 |
| Magnolia | $1,910 | $2,595 | $4,476 | $5,559 | $6,742 |
| Minonk | N/A | N/A | N/A | N/A | N/A |
| Putnam | $1,409 | $1,777 | $2,392 | $4,159 | $5,219 |
| Rutland | $1,383 | $2,215 | $3,649 | $5,552 | $6,890 |
| Sparland | $1,202 | $2,477 | $3,787 | $6,130 | $8,428 |
| Speer | $1,944 | $2,606 | $4,067 | $7,166 | $9,078 |
| Toluca | $1,003 | $1,416 | $3,071 | $6,023 | $8,895 |
| Varna | $980 | $1,974 | $3,682 | $5,437 | $10,497 |
| Washburn | $1,429 | $2,262 | $3,506 | $5,493 | $6,785 |
| Wenona | $1,043 | $2,091 | $4,062 | $5,803 | $8,137 |
| Wyoming | $1,261 | $1,799 | $3,811 | $7,192 | $9,236 |
Source: Ownwell