Melvin, Ford County, Illinois Property Taxes

Name: Property Tax Bills Across Melvin, Ford County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Melvin, IL effective property tax rate: 2.35%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Melvin, IL home value: $64,200
Median annual Melvin, IL tax bill: $1,297, $1,103 lower than the national median property tax bill of $2,400.

How are property taxes in Ford County calculated?

Property taxes in Melvin, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Melvin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Melvin, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Melvin, Ford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.35%

Estimate Property Tax Bill

$1,509

$1,400

Ownwell’s Melvin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Melvin with just two data points. By entering your property's estimated assessed value, our calculator applies Melvin’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Ford County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Melvin, Ford County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Melvin, located in Ford County, Illinois, the effective property tax rate reflects this process. The median property tax rate in Illinois is noticeably higher than the national median rate of 1.02%, highlighting the variability across different regions. This difference underscores the importance for property owners to understand their local tax rates and consider potential savings through appeals and exemptions.

Comparing Melvin’s property tax rate to other cities in Illinois and the national average provides valuable insights for homeowners. With property taxes being a significant expense, knowing how your local rate stacks up can inform decisions about potential savings. Understanding these nuances can lead to significant financial benefits, making it crucial for property owners to stay informed and proactive in managing their property tax obligations.

Property Tax Rates Across Melvin, Ford County, Illinois

Source: Ownwell

2.27%

2.72%

3.17%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Melvin Tax Rate

2.35%

Median Effective Ford County Tax Rate

2.52%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Melvin, Ford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60952	1.19%	1.79%	2.35%	2.88%	2.94%

Source: Ownwell

Property Tax Assessment Values Across Melvin, Ford County, Illinois

When examining property taxes in Melvin, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Ford County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Ford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Melvin. For example, the median home price in Melvin is $64,200, with tax bills ranging significantly across the county. The zip code 60952 has the highest median home price at $64,200.

Property Tax Assessment Values Across Melvin, Ford County, Illinois

Source: Ownwell

$34,920

$115,628

$196,335

Median Melvin Market Value

$64,200

Median Ford County Market Value

$93,960

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Melvin, Ford County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60952	$19,824	$38,985	$64,200	$115,215	$241,701

Source: Ownwell

Property Tax Bills Across Melvin, Ford County, Illinois

In Melvin, located in Ford County, IL, property tax bills are based on the assessed value of homes, which is a percentage of the market value. The tax rate is then applied to this assessed value to determine the annual tax bill. With a median home price of $64,200, homeowners in Melvin can expect property tax bills that vary significantly. For instance, the 25th percentile tax bill is $670, while the 75th percentile is $3,037, and the 90th percentile reaches $6,500. This range indicates how different factors such as property value assessments and local tax rates impact individual tax bills. Compared to the national median property tax bill of $2,400, Melvin's tax bills can be relatively high or low. Ownwell offers valuable support to homeowners by providing property tax appeal and exemption services. By analyzing assessment values and ensuring they are fair, Ownwell can help homeowners potentially lower their tax bills, ensuring they pay only their fair share.

Property Tax Bills Across Melvin, Ford County, Illinois

Source: Ownwell

$753

$3,138

$5,522

Median Melvin Tax Bill

$1,297

Median Ford County Tax Bill

$2,272

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Melvin, Ford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60952	$312	$670	$1,297	$3,037	$6,500

Source: Ownwell