Melvin, Illinois Property Taxes
The median property tax rate in Melvin, IL is 2.35%, significantly higher than the national median of 0.99% and on par with the Illinois state median of 2.35%. With the median home value in Melvin at $64,200, the typical annual property tax bill amounts to $1,297, which is below the national median of $2,690. Property taxes in Melvin are calculated based on the tax assessed value, typically lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Melvin'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 Melvin or another part of Ford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melvin, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
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, the calculator applies the median tax rate in Melvin to provide an estimated property tax bill. This valuable tool helps you gauge potential tax liabilities accurately. For those interested in more granular trends, further localized information is available below. Your property’s assessed value, determined by Ford County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Melvin, Illinois
Property taxes in Melvin, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melvin is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Melvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melvin 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 Melvin's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60952 zip code has the highest median property tax rate of 2.35%, while the 60952 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Melvin provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melvin Tax Rate
2.35%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melvin, 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, Illinois
In Melvin, 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 Ford 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 Melvin, 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 Melvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Melvin is $64,200, with the highest median tax bill being $1,297 in the 60952 zip code.
Average Melvin Assessed Value
$64,200
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melvin, 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, Illinois
Property tax bills in Melvin, located in Ford County, IL, are determined by assessing the value of a property and applying the local tax rate to that assessed value. The median home price in Melvin is $64,200, which serves as a baseline for calculating the property tax. Homeowners can expect their tax bills to vary significantly based on the assessed value of their property and the specific tax rates applied by local authorities. For instance, the tax bill at the 25th percentile is $670, while at the 75th percentile, it jumps to $3,037, and at the 90th percentile, it reaches $6,500. These figures indicate a considerable range in property tax bills, reflecting differences in property values and potentially varying tax rates within the region. Compared to the national median property tax rate of 0.99%, Melvin's property taxes can be relatively high, impacting homeowners' financial planning and overall cost of homeownership. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Melvin Tax Bill
$1,297
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Melvin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60952 | $312 | $670 | $1,297 | $3,037 | $6,500 |
Source: Ownwell