Blue Mound, Illinois Property Taxes
The median property tax rate in Blue Mound, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Blue Mound at $99,112, the typical annual property tax bill reaches $2,352, approaching the national median of $2,690. Property taxes in Blue Mound 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 Blue Mound'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 Blue Mound 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
Blue Mound, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$2,428
$2,373
Ownwell’s BLUE MOUND Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BLUE MOUND with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BLUE MOUND 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 Blue Mound, Illinois
Property taxes in Blue Mound, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Blue Mound is 2.45%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Blue Mound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blue Mound 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 Blue Mound's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62513 has both the highest and lowest median property tax rate of 2.45%, aligning with the rate in Blue Mound. Understanding how these cities compare with Blue Mound provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blue Mound Tax Rate
2.45%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blue Mound, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62513 | 1.65% | 2.14% | 2.45% | 2.69% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Blue Mound, Illinois
In BLUE MOUND, 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 Macon 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 BLUE MOUND, 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 BLUE MOUND helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2352.00 in zip code 62513, while the lowest median tax bill is also $2352.00 in the same zip code.
Average Blue Mound Assessed Value
$99,112
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blue Mound, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62513 | $48,895 | $73,304 | $99,112 | $134,084 | $182,883 |
Source: Ownwell
Property Tax Bills Across Blue Mound, Illinois
In Blue Mound, IL, located in Macon County, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. Homeowners in Blue Mound see a range of property tax bills depending on their home's assessed value and the tax rate set by local taxing authorities. For instance, the median home price in Blue Mound is $99,112. The property tax bill for the 25th percentile is $1,673, while it rises to $3,285 for the 75th percentile, and reaches $4,820 at the 90th percentile. These figures indicate how property taxes can vary significantly within the community. The local tax rate in Blue Mound is influenced by the funding needs of public services such as schools, infrastructure, and emergency services. Homeowners must consider these taxes as they can impact overall housing affordability. Compared to the national median property tax rate of 0.99%, Blue Mound's property tax rates reflect the specific economic and public service requirements of the area.
Average Blue Mound Tax Bill
$2,352
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Blue Mound, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62513 | $867 | $1,673 | $2,352 | $3,285 | $4,820 |
Source: Ownwell