Macomb, Illinois Property Taxes
The median property tax rate in Macomb, IL is 3.94%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Macomb at $40,110, the typical annual property tax bill reaches $1,547, which is below the national median of $2,690. Property taxes in Macomb 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 Macomb’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 Macomb 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
Macomb, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.94%
Estimate Property Tax Bill
$1,580
$1,544
Ownwell’s Macomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macomb 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 Macomb, Illinois
Property taxes in Macomb, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macomb is 3.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Macomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macomb 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 Macomb's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61455 zip code has the highest median property tax rate of 3.94%, while the same zip code also has the lowest median tax rate of 3.94%. Understanding how these cities compare with Macomb provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macomb Tax Rate
3.94%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macomb, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61455 | 3.32% | 3.94% | 3.94% | 3.94% | 3.94% |
Source: Ownwell
Property Tax Assessment Values Across Macomb, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Macomb, 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 local 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 Macomb, 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 Macomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Macomb, the highest median tax bill is $1,547 in the 61455 zip code, which also has the lowest median tax bill of $1,547.
Average Macomb Assessed Value
$40,110
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macomb, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61455 | $18,903 | $29,667 | $40,110 | $60,244 | $92,574 |
Source: Ownwell
Property Tax Bills Across Macomb, Illinois
In Macomb, located in McDonough County, IL, 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 a percentage of the property's market value. For instance, with a median home price of $40,110, the tax rate is applied to the assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood trends, and local tax levies also influence the final tax amount. Homeowners in Macomb can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $1,120, while at the 75th percentile, it rises to approximately $2,296. Those in the 90th percentile may see bills as high as $3,453. The median tax bill in the area stands at $1,547, which is higher than the national median property tax rate of 0.99%. These taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life for residents.
Average Macomb Tax Bill
$1,547
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Macomb, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61455 | $681 | $1,120 | $1,547 | $2,296 | $3,453 |
Source: Ownwell