Waterloo, Illinois Property Taxes
The median property tax rate in Waterloo, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Waterloo at $224,520, the typical annual property tax bill reaches $4,123, exceeding the national median of $2,690. Property taxes in Waterloo 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 Waterloo'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 Waterloo or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterloo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$4,333
$4,234
Ownwell’s Waterloo Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waterloo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterloo 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 Waterloo, Illinois
Property taxes in Waterloo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterloo is 1.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Waterloo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterloo 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 Waterloo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62298 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Waterloo 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 Waterloo Tax Rate
1.93%
Average Monroe County Tax Rate
1.91%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterloo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62298 | 1.53% | 1.82% | 1.93% | 1.99% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Waterloo, Illinois
In Waterloo, 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 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 Waterloo, 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. The median home price in Waterloo is $224,520, with tax bills ranging significantly. The 25th percentile tax bill is $2,875, while the 75th percentile tax bill is $5,489. The highest median tax bill, found in zip code 62298, is $4,123. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterloo Assessed Value
$224,520
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 Waterloo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62298 | $122,022 | $163,965 | $224,520 | $288,105 | $360,626 |
Source: Ownwell
Property Tax Bills Across Waterloo, Illinois
In Waterloo, located in Monroe County, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value and apply an assessment ratio. Homeowners in Waterloo face varying tax bills, with the 25th percentile paying around $2,875 and the 75th percentile facing bills up to $5,489. The 90th percentile can see tax bills as high as $6,970. The median home price in Waterloo is $224,520, and the property tax rate in the area is notably higher than the national median property tax rate of 0.99%. The highest and lowest median tax bills in Waterloo both stand at $4,123, falling under the zip code 62298. These property tax bills significantly impact homeowners by influencing overall housing costs and home affordability. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate annual expenses.
Average Waterloo Tax Bill
$4,123
Average Monroe County Tax Bill
$3,972
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterloo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62298 | $1,892 | $2,875 | $4,123 | $5,489 | $6,970 |
Source: Ownwell