Monmouth, Illinois Property Taxes
The median property tax rate in Monmouth, Illinois is 3.42%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Monmouth at $49,680, the typical annual property tax bill reaches $1,450, exceeding the national median of $2,690. Property taxes in Monmouth 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 Monmouth'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 Monmouth 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
Monmouth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.42%
Estimate Property Tax Bill
$1,699
$1,660
Ownwell’s Monmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth 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 Monmouth, Illinois
Property taxes in Monmouth, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Monmouth is 3.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Monmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monmouth 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 Monmouth's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61462 zip code has the highest median property tax rate of 3.42%, while the same zip code also has the lowest median tax rate of 3.42%. Understanding how these figures compare with Monmouth provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monmouth Tax Rate
3.42%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monmouth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61462 | 1.82% | 2.46% | 3.42% | 3.42% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monmouth, Illinois. The market value represents 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 local 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 Monmouth, 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 Monmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monmouth is $49,680, with tax bills ranging from $809 at the 25th percentile to $2,749 at the 90th percentile, making it essential to understand these valuations.
Average Monmouth Assessed Value
$49,680
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monmouth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61462 | $20,400 | $32,040 | $49,680 | $73,200 | $93,000 |
Source: Ownwell
Property Tax Bills Across Monmouth, Illinois
Property tax bills in Monmouth, IL, located in Warren County, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in Monmouth, the median home price is $49,680. The property tax rate in this area is aligned with the national median of 0.99%. Various factors influence the final tax bill, including the property's assessed value, applicable exemptions, and the specific tax rate set by local taxing authorities. For instance, the tax bill for the 25th percentile is $809, while it rises to $2,123 for the 75th percentile and peaks at $2,749 for the 90th percentile. In Monmouth, the highest and lowest median tax bills both stand at $1,450, reflecting a uniformity within certain zip codes. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life.
Average Monmouth Tax Bill
$1,450
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Monmouth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61462 | $508 | $809 | $1,450 | $2,123 | $2,749 |
Source: Ownwell