Maquon, Knox County, Illinois Property Taxes

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

Median Maquon, IL effective property tax rate: 2.11%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Maquon, IL home value: $84,870
Median annual Maquon, IL tax bill: $1,858, $542 lower than the national median property tax bill of $2,400.

How are property taxes in Knox calculated?

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

Last Updated March 1, 2025

Maquon, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.11%

Estimate Property Tax Bill

$1,791

$1,662

Ownwell’s Maquon Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Maquon with just two data points. By entering your property's estimated assessed value, our calculator applies Maquon’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 Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Maquon, Knox County, Illinois

Local government entities determine tax rates, which can differ significantly within a state. This variation is due to each county's annual estimation of the budget needed to provide services, divided by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the yearly process.

In Maquon, located in Knox County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This rate reflects the county's budgetary needs and the total assessed value of properties. Illinois, known for its relatively high property tax rates, sees Maquon aligning with this trend. Comparing Maquon's rate to other cities in Illinois, it is evident that local factors greatly influence tax rates. Although Maquon's rate matches the highest and lowest median tax rates within its zip code, it remains significantly above the national median. Understanding these local variations can help property owners in Maquon make informed decisions about property tax appeals and exemptions.

Property Tax Rates Across Maquon, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

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 Maquon Taxx Rate

2.11%

Median Effective Knox County Taxx Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Maquon, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61458	0.25%	0.92%	2.11%	2.60%	3.18%

Source: Ownwell

Property Tax Assessment Values Across Maquon, Knox County, Illinois

When examining property taxes in Maquon, IL, 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 Knox 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 Knox 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 Maquon. For example, the median home price in Maquon is $84,870, with tax bills ranging significantly across the county. 61458 has the highest median home price at $84,870.

Property Tax Assessment Values Across Maquon, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Maquon Market Value

$84,870

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Maquon, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61458	$26,070	$45,690	$84,870	$237,000	$1,678,054

Source: Ownwell

Property Tax Bills Across Maquon, Knox County, Illinois

In Maquon, located in Knox County, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. Local taxing authorities then apply their specific tax rate to this assessed value. With a median home price of $84,870, homeowners in Maquon experience varying tax bills, with the 25th percentile at $861 and the 75th percentile reaching $3,628. The highest and lowest median tax bills in the area both stand at $1,858, which is below the national median property tax bill of $2,400, offering some relief to homeowners. However, these costs can still be burdensome. Ownwell assists homeowners by providing expert property tax appeal services, potentially reducing these bills. By analyzing your property's assessed value and comparing it to similar properties, Ownwell identifies discrepancies and files appeals on your behalf. This service not only helps in lowering your tax bill but also ensures that you are not overpaying, providing peace of mind and financial savings.

Property Tax Bills Across Maquon, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Maquon Tax Bill

$1,858

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Maquon, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61458	$377	$861	$1,858	$3,628	$6,435

Source: Ownwell