Marengo, Illinois Property Taxes
The median property tax rate in Marengo, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marengo, the typical annual property tax bill reaches $5,723, exceeding the national median of $2,690. Property taxes in Marengo 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 Marengo'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 Marengo 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
Marengo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$5,732
$5,601
Ownwell’s Marengo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marengo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marengo 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 Marengo, Illinois
Property taxes in Marengo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marengo 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 Marengo's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in the county is also 2.54%, found in the 60152 zip code, while the lowest median tax rate is the same at 2.54%, also in the 60152 zip code. Understanding how these rates compare with Marengo provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marengo Tax Rate
2.54%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | 2.22% | 2.37% | 2.54% | 2.73% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Illinois
In Marengo, 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 McHenry County Assessor's 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 Marengo, 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 Marengo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Marengo are both recorded at $5,723 in the 60152 zip code.
Average Marengo Assessed Value
$225,654
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $128,293 | $164,360 | $225,654 | $301,035 | $385,389 |
Source: Ownwell
Property Tax Bills Across Marengo, Illinois
Property tax bills in Marengo, located in McHenry County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Homeowners in Marengo face property tax bills that vary significantly depending on their property's assessed value and specific tax rate. For instance, the median home price in Marengo is $225,654. The property tax bill can range widely, with the 25th percentile at $4,209 and the 75th percentile reaching $7,573. At the 90th percentile, homeowners might see tax bills as high as $9,491. This variability highlights how different factors, such as property value and local tax rates, influence the final tax bill. Compared to the national median property tax rate of 0.99%, Marengo's property tax bills can be considerably higher, impacting homeowners' annual expenses. Understanding these factors is crucial for homeowners to manage their budgets effectively.
Average Marengo Tax Bill
$5,723
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $3,091 | $4,209 | $5,723 | $7,573 | $9,491 |
Source: Ownwell