Malden, Illinois Property Taxes
The median property tax rate in Malden, Illinois is 2.00%, which is significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Malden at $79,362, the typical annual property tax bill reaches $1,369, falling below the national median of $2,690. Property taxes in Malden are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Malden's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Malden or elsewhere in the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malden, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$1,587
$1,551
Ownwell’s Malden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malden 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 Malden, Illinois
Property taxes in Malden, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malden is 2.00%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Malden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malden 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 Malden's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61337 zip code has the highest median property tax rate of 2.00%, while the same 61337 zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Malden provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Malden Tax Rate
2.00%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61337 | 0.97% | 1.46% | 2.00% | 2.25% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Malden, Illinois
In Malden, 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 Bureau 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 Malden, 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. For instance, the median home price in Malden is $79,362, with tax bills ranging from $749 at the 25th percentile to $2,826 at the 90th percentile. The zip code 61337 has the highest median tax bill of $1,369. Being aware of these valuation processes in Malden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Malden Assessed Value
$79,362
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Malden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61337 | $23,607 | $47,408 | $79,362 | $108,906 | $143,433 |
Source: Ownwell
Property Tax Bills Across Malden, Illinois
In Malden, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value determined by local assessors. The tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Malden, the median home price is $79,362. Property tax bills vary significantly, with the 25th percentile at $749 and the 75th percentile at $2,126, indicating a range based on property values and specific tax rates. At the 90th percentile, tax bills can reach up to $2,826. Compared to the national median property tax rate of 0.99%, Malden's property tax rates can be considered moderate, reflecting the local government's budgetary needs and public service funding. For homeowners, understanding these factors is crucial as they directly impact annual expenses and overall affordability of homeownership in the area.
Average Malden Tax Bill
$1,369
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Malden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61337 | $288 | $749 | $1,369 | $2,126 | $2,826 |
Source: Ownwell