Latham, Macon County, Illinois Property Taxes

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

Median Latham, IL effective property tax rate: 2.31%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Latham, IL home value: $178,119
Median annual Latham, IL tax bill: $3,943, $1,543 higher than the national median property tax bill of $2,400.

How are property taxes in Macon calculated?

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

Last Updated March 1, 2025

Latham, Macon County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.31%

Estimate Property Tax Bill

$4,115

$3,818

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

Property Tax Rates Across Latham, Macon County, Illinois

Local government entities in Illinois set tax rates, which can vary widely within the state. This variation is due to each county estimating its required budget to provide services and dividing 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.

Latham in Logan County showcases a property tax rate that stands out when compared to other cities in Illinois. With a median property tax rate of 2.31%, it significantly surpasses the national median property tax rate of 1.02%. This higher rate reflects the county's budgetary needs and the total assessed value of properties. The median property tax bill in Latham is also notably higher than the national median of $2,400, illustrating the financial impact on homeowners. Understanding these differences is crucial for property owners considering an appeal or exemption. By comparing Latham’s property tax rate to other cities in Illinois and the national average, homeowners can make informed decisions about their property tax obligations.

Property Tax Rates Across Latham, Macon County, Illinois

Source: Ownwell

1.79%

2.60%

3.41%

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 Latham Taxx Rate

2.31%

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 Latham, Macon County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62543	2.08%	2.14%	2.31%	2.39%	2.45%

Source: Ownwell

Property Tax Assessment Values Across Latham, Macon County, Illinois

When examining property taxes in Latham, 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 Macon County assessment 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.

In Macon 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 Latham.

For example, the median home price in Latham is $178,119, with tax bills ranging significantly across the county. The zip code 62543 has the highest median home price at $178,119.

Property Tax Assessment Values Across Latham, Macon County, Illinois

Source: Ownwell

$64,096

$166,841

$269,586

Median Latham Market Value

$178,119

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 Latham, Macon County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62543	$111,502	$128,162	$178,119	$287,980	$678,509

Source: Ownwell

Property Tax Bills Across Latham, Macon County, Illinois

In Latham, property tax bills are determined by assessing the property's market value and applying the local tax rate set by Macon County. With a median home price of $178,119, homeowners can expect to pay a property tax bill that varies depending on their property's assessed value. The tax bill at the 25th percentile is $2,885, while at the 75th percentile, it's $6,557. For those in the 90th percentile, taxes can soar to $16,220. This range highlights the significant impact property taxes can have on a homeowner's budget, especially when compared to the national median property tax bill of $2,400. Ownwell offers valuable assistance by reviewing property assessments to identify potential inaccuracies that could lead to overpayment. By filing appeals and seeking exemptions, Ownwell helps homeowners potentially reduce their tax burden, ensuring they only pay what is fair. This service not only provides financial relief but also peace of mind, knowing that their property tax bills are being managed professionally.

Property Tax Bills Across Latham, Macon County, Illinois

Source: Ownwell

$1,474

$3,645

$5,815

Median Latham Tax Bill

$3,943

Median Macon County Tax Bill

$2,091

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Latham, Macon County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62543	$2,649	$2,885	$3,943	$6,557	$16,220

Source: Ownwell