Maeystown, Illinois Property Taxes
The median property tax rate in Maeystown, IL is 1.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Maeystown at $141,930, the typical annual property tax bill reaches $2,547, slightly below the national median of $2,690. Property taxes in Maeystown 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 Maeystown'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 Maeystown 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
Maeystown, 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 Maeystown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maeystown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maeystown 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Maeystown, Illinois
Property taxes in Maeystown, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Maeystown is 1.90%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Maeystown set these rates annually, and they can vary across different neighborhoods. Each year, Maeystown 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 Maeystown's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62256 has the highest median property tax rate of 1.90%, while the same zip code also has the lowest median tax rate of 1.90%. Understanding how these areas compare with Maeystown provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maeystown Tax Rate
1.90%
Average Monroe County Tax Rate
1.91%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maeystown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62256 | 1.65% | 1.80% | 1.90% | 2.10% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Maeystown, Illinois
In Maeystown, 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 Monroe 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 Maeystown, 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 Maeystown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $141,930, with tax bills ranging from $1,758 at the 25th percentile to $4,531 at the 90th percentile. The highest and lowest median tax bills are both $2,547, found in the 62256 zip code.
Average Maeystown Assessed Value
$141,930
Average Monroe County Assessed Value
$218,520
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maeystown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62256 | $68,619 | $103,762 | $141,930 | $199,065 | $247,869 |
Source: Ownwell
Property Tax Bills Across Maeystown, Illinois
In Maeystown, Monroe County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, the median home price in Maeystown is $141,930. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors such as property size, location, and any applicable exemptions can influence this assessed value. Homeowners in Maeystown experience a range in their property tax bills. The 25th percentile tax bill is approximately $1,758, while the 75th percentile tax bill rises to around $3,679. At the 90th percentile, homeowners might see tax bills as high as $4,531. These figures highlight the variability in property taxes within the area, reflecting differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Maeystown's property taxes can represent a significant expense for homeowners, impacting their overall cost of living and financial planning.
Average Maeystown Tax Bill
$2,547
Average Monroe County Tax Bill
$3,972
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Maeystown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62256 | $1,259 | $1,758 | $2,547 | $3,679 | $4,531 |
Source: Ownwell