Marengo, Illinois Property Taxes
The median property tax rate in Marengo, IL is 3.02%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marengo at $244,204, the typical annual property tax bill reaches $6,839, far exceeding the national median of $2,690. Property taxes in Marengo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marengo'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 Marengo 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
Marengo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.02%
Estimate Property Tax Bill
$7,375
$6,844
Ownwell’s Marengo Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Marengo using just two inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marengo to provide an estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities. If you’re curious about trends on a more localized level, keep scrolling to discover detailed information by neighborhood. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Marengo, Illinois
Property taxes in Marengo, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 2.47%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marengo 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 Marengo's effective property tax rate to other counties in Illinois and the national median. For comparison, zip code 60152 has the highest median property tax rate of 2.47%, while zip code 60152 also has the lowest median tax rate of 2.47%. Understanding how these cities compare with Marengo 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 Marengo Tax Rate
3.02%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | 2.65% | 2.69% | 3.02% | 3.21% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Illinois
In Marengo, 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 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 Marengo, 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 Marengo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60152 has the highest and lowest median tax bill of $6,839.
Average Marengo Assessed Value
$244,204
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 Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $27,782 | $95,454 | $244,204 | $319,832 | $352,719 |
Source: Ownwell
Property Tax Bills Across Marengo, Illinois
In Marengo, located in DeKalb County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in this region experience property tax rates that can vary significantly. For instance, the median home price in Marengo is $244,204, and the property tax bills range widely. At the 25th percentile, homeowners might pay around $3,141, whereas those at the 75th percentile could see bills as high as $8,522. The 90th percentile tax bill reaches up to $9,999. These tax bills are determined by multiplying the assessed value of the property by the local tax rate, which funds essential public services such as schools, infrastructure, and emergency services. The highest and lowest median tax bills in Marengo are both $6,839, indicating a uniformity in the median range. Compared to the national median property tax rate of 0.99%, Marengo's rates reflect the local government's budgetary requirements and the community's investment in public amenities. This variability in tax bills can significantly impact homeowners' financial planning and long-term investment strategies.
Average Marengo Tax Bill
$6,839
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $1,377 | $3,141 | $6,839 | $8,522 | $9,999 |
Source: Ownwell