Monticello, Illinois Property Taxes
The median property tax rate in Monticello, IL is 1.80%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Monticello at $99,105, the typical annual property tax bill reaches $1,803, exceeding the national median of $2,690. Property taxes in Monticello 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 Monticello'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 Monticello 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
Monticello, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$1,784
$1,743
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Illinois
Property taxes in Monticello, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61856 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these areas compare with Monticello provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.80%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61856 | 1.74% | 1.76% | 1.80% | 1.83% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Illinois
In Monticello, 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 Champaign 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 Monticello, 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. The median home price in Monticello is $99,105, with tax bills ranging from $1,500 at the 25th percentile to $2,288 at the 90th percentile. The zip code 61856 has both the highest and lowest median tax bill at $1,803. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monticello Assessed Value
$99,105
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61856 | $75,357 | $84,262 | $99,105 | $113,948 | $122,853 |
Source: Ownwell
Property Tax Bills Across Monticello, Illinois
In Monticello, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Champaign County assessor's office. The assessed value is typically a percentage of the property's market value. Various factors influence this value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. Homeowners in Monticello experience varying tax bills depending on their property's assessed value. For instance, the median home price in Monticello is $99,105. Tax bills in the 25th percentile are around $1,500, while those in the 75th percentile reach approximately $2,106. The highest median tax bill in the area is $1,803, corresponding to the zip code 61856. These tax bills can significantly impact homeowners' finances, with higher-valued properties shouldering a larger tax burden. Compared to the national median property tax rate of 0.99%, Monticello's property tax rates reflect the local economic conditions and funding needs.
Average Monticello Tax Bill
$1,803
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61856 | $1,318 | $1,500 | $1,803 | $2,106 | $2,288 |
Source: Ownwell