Metamora, Illinois Property Taxes
The median property tax rate in Metamora, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Metamora at $192,450, the typical annual property tax bill reaches $4,446, exceeding the national median of $2,690. Property taxes in Metamora 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 Metamora'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 Metamora 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
Metamora, 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 Metamora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Metamora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Metamora 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 Metamora, Illinois
Property taxes in Metamora, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Metamora is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Metamora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Metamora 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 Metamora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61548 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Metamora provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Metamora Tax Rate
2.30%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Metamora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61548 | 2.10% | 2.18% | 2.30% | 2.39% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Metamora, Illinois
In Metamora, 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 Tazewell 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 Metamora, 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 Metamora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 61548, with a median tax bill of $4,446.
Average Metamora Assessed Value
$192,450
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Metamora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61548 | $178,152 | $181,635 | $192,450 | $201,892 | $202,905 |
Source: Ownwell
Property Tax Bills Across Metamora, Illinois
In Metamora, located in Tazewell 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 $192,450, the assessed value is a crucial factor in determining the tax bill. The local tax rate is then applied to this assessed value to arrive at the final tax amount. Homeowners in Metamora can expect their property tax bills to vary, with the 25th percentile paying around $4,188 and the 75th percentile paying approximately $4,597. Those at the 90th percentile might see tax bills as high as $4,749. This variability is influenced by factors such as the specific location within the city, property improvements, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Metamora's property taxes are significantly higher, impacting homeowners by increasing their annual financial obligations. This can affect decisions related to home buying and long-term residency in the area.
Average Metamora Tax Bill
$4,446
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Metamora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61548 | $3,842 | $4,188 | $4,446 | $4,597 | $4,749 |
Source: Ownwell