Mount Carroll, Illinois Property Taxes
The median property tax rate in Mount Carroll, IL is 6.87%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $20,267 in Mount Carroll, the typical annual property tax bill reaches $1,394, surpassing the national median of $2,690. Property taxes in Mount Carroll 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 Mount Carroll'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 Mount Carroll 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
Mount Carroll, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.87%
Estimate Property Tax Bill
$1,392
$1,292
Ownwell’s Mount Carroll Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Carroll with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Carroll 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 Mount Carroll, Illinois
Property taxes in Mount Carroll, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carroll is 6.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Carroll set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carroll 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 Mount Carroll's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61053 zip code has the highest median property tax rate of 6.87%, while the same zip code also has the lowest median tax rate of 6.87%. Understanding how these cities compare with Mount Carroll provides valuable insights into the varying tax landscape across Jo Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Carroll Tax Rate
6.87%
Average Jo Daviess County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Carroll, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61053 | 6.32% | 6.53% | 6.87% | 7.21% | 7.41% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carroll, Illinois
In Mount Carroll, 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 Jo Daviess 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. 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 Mount Carroll helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61053 has the highest and lowest median tax bill, both at $1394.00.
Average Mount Carroll Assessed Value
$20,267
Average Jo Daviess County Assessed Value
$98,005
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Carroll, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61053 | $20,053 | $20,134 | $20,267 | $20,400 | $20,481 |
Source: Ownwell
Property Tax Bills Across Mount Carroll, Illinois
In Mount Carroll, located in Jo Daviess County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, the median home price in Mount Carroll is $20,267, and with the national median property tax rate at 0.99%, homeowners can expect their property tax bills to be a significant expense relative to their property value. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in the 25th percentile of tax bills pay around $1,315, while those in the 75th percentile pay approximately $1,472. At the 90th percentile, the tax bill can reach up to $1,519. These variations highlight the impact of different property characteristics and valuations on tax obligations. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances accordingly.
Average Mount Carroll Tax Bill
$1,394
Average Jo Daviess County Tax Bill
$2,492
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carroll, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61053 | $1,268 | $1,315 | $1,394 | $1,472 | $1,519 |
Source: Ownwell