Medora, Illinois Property Taxes
The median property tax rate in Medora, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Medora, the typical annual property tax bill reaches $3,617, exceeding the national median of $2,690. Property taxes in Medora 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 Medora'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 Medora 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
Medora, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$3,349
$3,108
Ownwell’s Medora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medora 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 Medora, Illinois
Property taxes in Medora, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medora is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Medora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medora 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 Medora's effective property tax rate to other counties in Illinois and the national median. For comparison, the ZIP code 62063 has the highest median property tax rate of 2.30%, while the same ZIP code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Medora provides valuable insights into the varying tax landscape across Jersey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medora Tax Rate
2.30%
Average Jersey County Tax Rate
2.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62063 | 1.24% | 2.01% | 2.30% | 2.44% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Medora, Illinois
In Medora, 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 Jersey 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 Medora, 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. For instance, the median home price in Medora is $145,598, with tax bills varying widely. The 25th percentile tax bill is $2,366, while the 75th percentile reaches $5,221, and the 90th percentile hits $7,802. The zip code 62063 has both the highest and lowest median tax bill at $3,617. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medora Assessed Value
$145,598
Average Jersey County Assessed Value
$130,268
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62063 | $68,736 | $102,746 | $145,598 | $225,919 | $299,202 |
Source: Ownwell
Property Tax Bills Across Medora, Illinois
In Medora, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Medora is $145,598, and property taxes are determined by applying the local tax rate to this assessed value. Various factors, such as property size, location, and improvements, influence this assessed value. Homeowners in Medora can expect tax bills that vary significantly. For instance, tax bills at the 25th percentile are approximately $2,366, while those at the 75th percentile reach around $5,221. At the higher end, the 90th percentile tax bill can be as much as $7,802. The highest and lowest median tax bills in the area are both $3,617, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Medora's property taxes can be relatively high, affecting homeowners by increasing their annual financial obligations. Understanding these factors can help residents better anticipate their property tax responsibilities.
Average Medora Tax Bill
$3,617
Average Jersey County Tax Bill
$2,776
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Medora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62063 | $1,290 | $2,366 | $3,617 | $5,221 | $7,802 |
Source: Ownwell