Morton, Illinois Property Taxes
The median property tax rate in Morton, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Morton at $42,330, the typical annual property tax bill reaches $1,063, which is below the national median of $2,690. Property taxes in Morton 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 Morton'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 Morton 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
Morton, 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 Morton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morton 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 Morton, Illinois
Property taxes in Morton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morton is 2.51%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Morton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morton 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 Morton's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61550 has both the highest and lowest median property tax rate of 2.51%. Understanding how these cities compare with Morton provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morton Tax Rate
2.51%
Average Calhoun County Tax Rate
2.36%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | 2.51% | 2.51% | 2.51% | 2.51% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Morton, Illinois
In Morton, 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 Calhoun County Assessor 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 Morton, 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 Morton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61550 has both the highest and lowest median tax bills in the area, each amounting to $1,063.
Average Morton Assessed Value
$42,330
Average Calhoun County Assessed Value
$86,121
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | $42,330 | $42,330 | $42,330 | $42,330 | $42,330 |
Source: Ownwell
Property Tax Bills Across Morton, Illinois
In Morton, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. Local tax authorities assess properties to establish this value, considering factors such as the home's size, age, location, and condition. The local tax rate is then applied to the assessed value to calculate the tax bill. For homeowners in Morton, the median home price is $42,330, and the median property tax bill is $1,063. This rate is notably higher than the national median property tax rate of 0.99%. The tax bill remains consistent across various percentiles, indicating a uniform application of rates within the area. Understanding how property taxes are calculated helps homeowners anticipate their annual expenses and plan their finances accordingly. High property taxes can impact affordability, influencing decisions on purchasing or retaining property in Morton. By knowing these details, homeowners can better navigate their financial responsibilities and make informed real estate decisions.
Average Morton Tax Bill
$1,063
Average Calhoun County Tax Bill
$1,736
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Morton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | $1,063 | $1,063 | $1,063 | $1,063 | $1,063 |
Source: Ownwell