Magnolia, Illinois Property Taxes
The median property tax rate in Magnolia, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Magnolia at $124,462, the typical annual property tax bill reaches $3,204, exceeding the national median of $2,690. Property taxes in Magnolia 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 Magnolia'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 Magnolia 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
Magnolia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$3,149
$3,077
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Illinois
Property taxes in Magnolia, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61336 zip code has the highest median property tax rate of 2.53%, while the lowest median tax rate is also 2.53% in the same zip code. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
2.53%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61336 | 1.74% | 2.21% | 2.53% | 2.61% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Illinois
In Magnolia, 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 Putnam County 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 Magnolia, 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Magnolia is $3,204 in the 61336 zip code, while the lowest is also $3,204 in the same zip code.
Average Magnolia Assessed Value
$124,462
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61336 | $19,390 | $76,075 | $124,462 | $199,254 | $292,193 |
Source: Ownwell
Property Tax Bills Across Magnolia, Illinois
In Magnolia, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is a percentage of your property's market value. For homeowners in Putnam County, the median home price stands at $124,462. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates, property assessments, and any applicable exemptions. Homeowners in Magnolia see a range of tax bills, with the 25th percentile at $2,110 and the 75th percentile reaching $5,944. At the 90th percentile, tax bills can go up to $7,349. These property taxes play a crucial role in funding local services such as schools, infrastructure, and public safety. While the national median property tax rate is 0.99%, homeowners in Magnolia experience varying tax burdens based on the assessed value of their properties and the specific rates set by local authorities.
Average Magnolia Tax Bill
$3,204
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61336 | $1,295 | $2,110 | $3,204 | $5,944 | $7,349 |
Source: Ownwell