Malta, Illinois Property Taxes
The median property tax rate in Malta, IL is 2.91%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Malta at $162,740, the typical annual property tax bill reaches $4,671, far exceeding the national median of $2,690. Property taxes in Malta are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Malta'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 Malta or another part of DeKalb County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malta, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$4,736
$4,395
Ownwell’s Malta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malta 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 Malta, Illinois
Property taxes in Malta, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malta is 2.91%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Malta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malta 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 Malta's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60150 zip code has the highest median property tax rate of 2.91%, while the lowest median tax rate is also 2.91%. Understanding how these cities compare with Malta provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Malta Tax Rate
2.91%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60150 | 2.23% | 2.65% | 2.91% | 3.25% | 3.31% |
Source: Ownwell
Property Tax Assessment Values Across Malta, Illinois
In Malta, 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 DeKalb County Assessor's Office 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 Malta, 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 Malta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Malta is $162,740, with tax bills ranging from $3,658 at the 25th percentile to $9,535 at the 90th percentile. Notably, the zip code 60150 has both the highest and lowest median tax bill at $4,671.
Average Malta Assessed Value
$162,740
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Malta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60150 | $103,215 | $134,832 | $162,740 | $213,074 | $315,147 |
Source: Ownwell
Property Tax Bills Across Malta, Illinois
In Malta, Illinois, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a fraction of the property's market value, set by the local assessor. For instance, the median home price in Malta is $162,740. Homeowners in Malta can expect their tax bills to vary significantly based on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including the property's location within DeKalb County, any applicable exemptions, and the local government's budgetary needs. For example, Malta homeowners at the 25th percentile pay around $3,658 in property taxes, while those at the 75th percentile face bills closer to $6,156. At the 90th percentile, tax bills can soar to approximately $9,535. These figures highlight the significant variation in property tax obligations, which can impact household budgets and financial planning for homeowners in the region.
Average Malta Tax Bill
$4,671
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Malta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60150 | $2,648 | $3,658 | $4,671 | $6,156 | $9,535 |
Source: Ownwell