Morton, Lawrence County, Illinois Property Taxes
Median Morton, IL effective property tax rate: 6.22%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Morton, IL home value: $35,818
Median annual Morton, IL tax bill: $2,228, $172 lower than the national median property tax bill of $2,400.
How are property taxes in Lawrence calculated?
Property taxes in Morton, 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 Morton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Morton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Morton, Lawrence County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
6.22%
Estimate Property Tax Bill
$2,228
$2,067
Property Tax Rates Across Morton, Lawrence County, Illinois
Local government entities in Morton, located in Tazewell County, Illinois, set property tax rates that can vary significantly across the state. Each year, Tazewell County estimates its required budget to provide essential services and divides that by the total value of all taxable property in the area. This calculation determines the property tax rate for the year. While the process involves voting and legislation to finalize tax rates and budgets, this is the fundamental method used annually.
Comparing Morton's effective property tax rate to other cities in Illinois and the national median can be insightful. Morton boasts an effective property tax rate of 2.31%, which is considerably higher than the national median of 1.02%. Residents here face a median property tax bill of $4,500, surpassing the national median bill of $2,400. This comparison highlights the substantial property tax burden in Morton, making it crucial for property owners to explore potential savings through tax appeals and exemptions. Understanding these differences can empower homeowners to make informed decisions about their property investments and financial planning.
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 Morton Tax Rate
6.22%
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 Lawrence County Tax Rate
3.07%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Morton, Lawrence County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Morton, Lawrence County, Illinois
When examining property taxes in Morton, Illinois, 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 Lawrence County Assessment Office 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.
In Lawrence 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 Morton.
For example, the median home price in Morton is $35,818, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Morton, Lawrence County, Illinois
Source: Ownwell
$15,791
$19,981
$24,171
Median Morton Market Value
$35,818
Median Lawrence County Market Value
$22,875
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Morton, Lawrence County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Morton, Lawrence County, Illinois
In Morton, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as changes in the local tax rate, property improvements, and market conditions can influence the assessed value, impacting the homeowner's tax bill. The median home price in Morton is $35,818, with property tax bills typically around $2,228, significantly lower than the national median property tax bill of $2,400.
For homeowners looking to reduce their tax burden, Ownwell offers valuable services. By conducting a thorough review of your property's assessment, Ownwell identifies potential discrepancies and opportunities for appeal. This can lead to a reduction in the assessed value and, consequently, a lower tax bill. With expertise in navigating the complexities of property tax laws, Ownwell ensures homeowners in Morton pay only their fair share, potentially saving them hundreds of dollars annually.
Median Morton Tax Bill
$2,228
Median Lawrence County Tax Bill
$743
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Morton, Lawrence County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61550 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell