Elwin, Macon County, Illinois Property Taxes
Median Elwin, IL effective property tax rate: 1.81%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Elwin, IL home value: $76,493
Median annual Elwin, IL tax bill: $1,752, $648 lower than the national median property tax bill of $2,400.
How are property taxes in Macon County calculated?
Property taxes in Elwin, 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 Elwin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elwin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Elwin, Macon County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.81%
Estimate Property Tax Bill
$1,385
$1,285
Property Tax Rates Across Elwin, Macon County, Illinois
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Elwin’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Elwin in Macon County, Illinois, has an effective property tax rate that stands out when compared to the national median. With Illinois having a median property tax rate significantly higher than the national median, property owners in Elwin face a higher tax burden. This is reflective of the broader trend in Illinois, where property tax rates are among the highest in the nation. For property owners in Elwin, understanding these nuances is crucial for financial planning and assessing potential savings through property tax appeals or exemptions.
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 Elwin Taxx Rate
1.81%
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 Macon County Taxx Rate
2.55%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Elwin, Macon County, Illinois
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
62523 | N/A | N/A | N/A | N/A | N/A |
62532 | 1.37% | 1.56% | 1.79% | 1.90% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Elwin, Macon County, Illinois
When examining property taxes in Elwin, 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 Macon County Assessor's 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 Macon County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Elwin.
For example, the median home price in Elwin is $76,493, with tax bills ranging significantly across the county. Zip code 62532 has the highest median home price at $75,970.
Property Tax Assessment Values Across Elwin, Macon County, Illinois
Source: Ownwell

$64,096
$166,841
$269,586
Median Elwin Market Value
$76,493
Median Macon County Market Value
$87,275
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Elwin, Macon County, Illinois
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
62523 | N/A | N/A | N/A | N/A | N/A |
62532 | $45,350 | $61,388 | $75,970 | $109,668 | $157,148 |
Source: Ownwell
Property Tax Bills Across Elwin, Macon County, Illinois
Median Elwin Tax Bill
$1,752
Median Macon County Tax Bill
$2,091
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Elwin, Macon County, Illinois
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
62523 | N/A | N/A | N/A | N/A | N/A |
62532 | $813 | $1,062 | $1,683 | $2,334 | $2,961 |
Source: Ownwell