Maroa, Illinois Property Taxes
The median property tax rate in Maroa, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Maroa, the typical annual property tax bill reaches $2,647, slightly below the national median of $2,690. Property taxes in Maroa 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 Maroa'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 Maroa 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
Maroa, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Maroa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maroa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maroa 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 Maroa, Illinois
Property taxes in Maroa, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maroa is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Maroa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maroa 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 Maroa's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61756 zip code has the highest median property tax rate of 2.53%, while the same zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Maroa 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 Maroa Tax Rate
2.53%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maroa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61756 | 1.74% | 2.21% | 2.53% | 2.83% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Maroa, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maroa, Illinois. 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 Maroa, 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. The median home price in Maroa is $107,081, with tax bills ranging from $1,675 at the 25th percentile to $6,183 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maroa Assessed Value
$107,081
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 Maroa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61756 | $47,302 | $78,111 | $107,081 | $158,939 | $239,380 |
Source: Ownwell
Property Tax Bills Across Maroa, Illinois
In Maroa, located in Macon County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate, set by local taxing authorities, is then applied to this assessed value. For instance, Macon County has a median property tax rate of 2.47%, significantly higher than the national median of 0.99%. Homeowners in Maroa can expect their tax bills to vary widely. The 25th percentile tax bill is around $1,675, while the 75th percentile reaches $4,050. For those at the 90th percentile, tax bills can soar to $6,183. The highest median tax bill in the area stands at $2,647, indicating that property taxes can be a substantial annual expense for homeowners. These tax bills fund essential public services such as schools, infrastructure, and emergency services, directly impacting residents' quality of life. Understanding how these taxes are calculated can help homeowners better plan their finances and advocate for fair tax assessments.
Average Maroa Tax Bill
$2,647
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Maroa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61756 | $988 | $1,675 | $2,647 | $4,050 | $6,183 |
Source: Ownwell