Mount Carroll, Illinois Property Taxes
The median property tax rate in Mount Carroll, IL is 2.63%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Carroll being $83,770, the typical annual property tax bill reaches $2,181, which is below the national median of $2,690. Property taxes in Mount Carroll 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 Mount Carroll'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 Mount Carroll 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
Mount Carroll, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$2,203
$2,044
Ownwell’s Mount Carroll Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Carroll with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Carroll 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 Mount Carroll, Illinois
Property taxes in Mount Carroll, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carroll is 2.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Carroll set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carroll 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 Mount Carroll's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61053 has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Mount Carroll provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Carroll Tax Rate
2.63%
Average Carroll County Tax Rate
2.34%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Carroll, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61053 | 1.59% | 2.14% | 2.63% | 3.11% | 3.66% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carroll, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Carroll, Illinois. 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 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. 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 Mount Carroll is $83,770, with tax bills ranging from $1,243 at the 25th percentile to $5,565 at the 90th percentile. The highest and lowest median tax bills are both $2,181 in the 61053 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Carroll Assessed Value
$83,770
Average Carroll County Assessed Value
$86,910
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Carroll, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61053 | $35,626 | $54,208 | $83,770 | $125,520 | $174,892 |
Source: Ownwell
Property Tax Bills Across Mount Carroll, Illinois
In Mount Carroll, located in Carroll County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $83,770, homeowners can expect varying tax bills depending on the assessed value and applicable tax rate. Several factors influence the final tax bill, including property size, location, and improvements. The tax bill for the 25th percentile is around $1,243, while it rises to $3,624 for the 75th percentile, and can reach up to $5,565 for the 90th percentile. These figures highlight the range of potential tax burdens homeowners might face, depending on their property's valuation and specific circumstances. Compared to the national median property tax rate of 0.99%, homeowners in Mount Carroll may experience differing financial impacts. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Mount Carroll Tax Bill
$2,181
Average Carroll County Tax Bill
$2,178
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carroll, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61053 | $649 | $1,243 | $2,181 | $3,624 | $5,565 |
Source: Ownwell