Monroe Center, Illinois Property Taxes
The median property tax rate in Monroe Center, IL is 3.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Monroe Center at $280,020, the typical annual property tax bill reaches $7,883, exceeding the national median of $2,690. Property taxes in Monroe Center 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 Monroe Center'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 Monroe Center 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
Monroe Center, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.1%
Estimate Property Tax Bill
$8,681
$8,482
Ownwell’s Monroe Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe Center 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 Monroe Center, Illinois
Property taxes in Monroe Center, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Monroe Center is 3.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Monroe Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe Center 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 Monroe Center's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61052 has the highest median property tax rate of 3.10%, while the same zip code also has the lowest median tax rate of 3.10%. Understanding how these cities compare with Monroe Center 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 Monroe Center Tax Rate
3.10%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61052 | 2.49% | 2.63% | 3.10% | 3.36% | 3.52% |
Source: Ownwell
Property Tax Assessment Values Across Monroe Center, Illinois
In Monroe Center, 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 Monroe Center, 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 Monroe Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61052 in Monroe Center has both the highest and lowest median tax bill, valued at $7,883.
Property Tax Assessment Values Across Monroe Center, Illinois
Source: Ownwell
$145,544
$224,239
$302,934
Average Monroe Center Assessed Value
$280,020
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 Monroe Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61052 | $104,809 | $177,603 | $280,020 | $299,994 | $321,477 |
Source: Ownwell
Property Tax Bills Across Monroe Center, Illinois
In Monroe Center, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Factors such as the property's location, size, and condition are considered during the assessment process. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual property tax bill. For example, in DeKalb County, the median home price is $280,020. Homeowners in the 25th percentile can expect a tax bill around $4,269, while those in the 75th percentile may see bills as high as $10,151. The 90th percentile tax bill can reach up to $10,315. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Monroe Center can be significantly higher. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners.
Average Monroe Center Tax Bill
$7,883
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61052 | $2,841 | $4,269 | $7,883 | $10,151 | $10,315 |
Source: Ownwell