Moweaqua, Illinois Property Taxes
The median property tax rate in Moweaqua, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Moweaqua at $126,384, the typical annual property tax bill reaches $2,826, exceeding the national median of $2,690. Property taxes in Moweaqua 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 Moweaqua'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 Moweaqua 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
Moweaqua, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$3,223
$3,150
Ownwell’s Moweaqua Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moweaqua with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moweaqua 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 Moweaqua, Illinois
Property taxes in Moweaqua, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Moweaqua is 2.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Moweaqua set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moweaqua 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 Moweaqua's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62550 zip code has both the highest and lowest median property tax rate of 2.55%. Understanding how these cities compare with Moweaqua provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moweaqua Tax Rate
2.55%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moweaqua, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62550 | 1.78% | 2.19% | 2.55% | 2.76% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Moweaqua, Illinois
In Moweaqua, 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 Shelby 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 Moweaqua, 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 Moweaqua helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62550 has the highest and lowest median tax bill at $2,826, making it essential for property owners to stay informed and proactive.
Average Moweaqua Assessed Value
$126,384
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moweaqua, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62550 | $28,137 | $67,376 | $126,384 | $197,784 | $293,380 |
Source: Ownwell
Property Tax Bills Across Moweaqua, Illinois
In Moweaqua, located in Shelby 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, with a median home price of $126,384, the assessed value is determined by local assessors who consider factors such as property size, location, and condition. The tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Moweaqua face a range of property tax bills. The 25th percentile tax bill is around $1,585, while those in the 75th percentile pay approximately $5,076. At the 90th percentile, tax bills can reach up to $8,093. Notably, the median tax bill in the area is $2,826. These figures highlight a significant variation in tax liabilities, influenced by differing property values and assessment practices. Compared to the national median property tax rate of 0.99%, Moweaqua's tax rates can have a substantial impact on homeowners, affecting their overall financial planning and homeownership costs.
Average Moweaqua Tax Bill
$2,826
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Moweaqua, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62550 | $744 | $1,585 | $2,826 | $5,076 | $8,093 |
Source: Ownwell