Montrose, Illinois Property Taxes
The median property tax rate in Montrose, Illinois is 7.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Montrose at $47,435, the typical annual property tax bill reaches $3,062, exceeding the national median of $2,690. Property taxes in Montrose 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 Montrose'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 Montrose 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
Montrose, 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 Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, Illinois
Property taxes in Montrose, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 7.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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. Understanding how Montrose's effective property tax rate compares to other counties in Illinois and the national median provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montrose Tax Rate
7.02%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62445 | 3.78% | 6.28% | 7.02% | 7.60% | 8.29% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Illinois
In Montrose, 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 Jasper 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. Assessment notices in Montrose 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Montrose is $3062 in the 62445 zip code, while the lowest median tax bill is also $3062 in the same zip code.
Average Montrose Assessed Value
$47,435
Average Jasper County Assessed Value
$34,930
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montrose, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62445 | $15,720 | $28,058 | $47,435 | $61,385 | $83,346 |
Source: Ownwell
Property Tax Bills Across Montrose, Illinois
In Montrose, located in Jasper County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $47,435, homeowners can expect their tax bills to vary significantly. Factors such as home improvements, neighborhood developments, and changes in local government budgets can influence the assessed value and, consequently, the tax bill. In Montrose, the 25th percentile tax bill is around $1,674, while those at the 75th percentile pay approximately $4,372. The highest tax bills, at the 90th percentile, can reach up to $5,971. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Montrose's tax rates reflect the community's specific needs and economic conditions.
Average Montrose Tax Bill
$3,062
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62445 | $580 | $1,674 | $3,062 | $4,372 | $5,971 |
Source: Ownwell