Mc Clure, Illinois Property Taxes
The median property tax rate in McClure, IL is 3.59%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in McClure, the typical annual property tax bill reaches $1,833, which is below the national median of $2,690. Property taxes in McClure are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McClure'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 McClure 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
Mc Clure, 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 MC CLURE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MC CLURE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC CLURE to provide an estimated property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Mc Clure, Illinois
Property taxes in McClure, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McClure is 3.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within McClure set these rates annually, and they can vary significantly across different neighborhoods. Each year, McClure 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 McClure's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62957 has the highest median property tax rate of 3.59%, while the same zip code also has the lowest median tax rate of 3.59%. Understanding how these areas compare with McClure provides valuable insights into the varying tax landscape across Alexander County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Clure Tax Rate
3.59%
Average Alexander County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Clure, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62957 | 1.69% | 2.80% | 3.59% | 4.19% | 4.57% |
Source: Ownwell
Property Tax Assessment Values Across Mc Clure, Illinois
In MC CLURE, 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 Alexander 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 MC CLURE, 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 MC CLURE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Alexander County is $1833 in zip code 62957, while the lowest is also $1833 in the same zip code.
Average Mc Clure Assessed Value
$55,146
Average Alexander County Assessed Value
$44,430
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Clure, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62957 | $16,620 | $26,676 | $55,146 | $109,773 | $212,632 |
Source: Ownwell
Property Tax Bills Across Mc Clure, Illinois
In McClure, located in Alexander County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in McClure is $55,146. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, homeowners in the 25th percentile of tax bills pay around $629 annually, while those in the 75th percentile face a tax bill of approximately $4,555. At the 90th percentile, the tax bill can reach up to $7,624. Several factors influence these tax bills, including local government budgets, school funding requirements, and public service needs. Compared to the national median property tax rate of 0.99%, McClure's tax rates reflect the specific financial needs and property values within the community. For homeowners, these taxes can significantly impact annual budgets, making it essential to understand how their property is assessed and what drives their tax obligations.
Average Mc Clure Tax Bill
$1,833
Average Alexander County Tax Bill
$956
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Clure, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62957 | $447 | $629 | $1,833 | $4,555 | $7,624 |
Source: Ownwell