Mount Auburn, Illinois Property Taxes
The median property tax rate in Mount Auburn, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Auburn at $140,064, the typical annual property tax bill reaches $3,229, exceeding the national median of $2,690. Property taxes in Mount Auburn 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 Mount Auburn'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 Mount Auburn 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
Mount Auburn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$3,165
$3,093
Ownwell’s Mount Auburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Auburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Auburn 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 Mount Auburn, Illinois
Property taxes in Mount Auburn, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Auburn is 2.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Auburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Auburn 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 Mount Auburn's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62547 has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these figures compare with Mount Auburn 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 Mount Auburn Tax Rate
2.26%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Auburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62547 | 1.96% | 2.22% | 2.26% | 2.53% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Mount Auburn, Illinois
In Mount Auburn, 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 Mount Auburn, 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 Mount Auburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62547 has the highest median tax bill at $3,229, while the lowest is also in the same zip code.
Average Mount Auburn Assessed Value
$140,064
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 Mount Auburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62547 | $52,163 | $103,568 | $140,064 | $172,053 | $189,000 |
Source: Ownwell
Property Tax Bills Across Mount Auburn, Illinois
In Mount Auburn, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Local assessors determine this assessed value, and it's then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Mount Auburn, the median home price is $140,064, and tax bills can vary significantly. At the 25th percentile, tax bills are around $1,759, while at the 75th percentile, they can reach up to $3,833. The highest tax bills, at the 90th percentile, are approximately $4,255. These tax bills are essential for funding local services such as schools, public safety, and infrastructure. Homeowners in Mount Auburn should be aware that their property tax rates may be higher or lower than the national median property tax rate of 0.99%, depending on the specific assessed value and local tax rates. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Mount Auburn Tax Bill
$3,229
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Auburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62547 | $1,428 | $1,759 | $3,229 | $3,833 | $4,255 |
Source: Ownwell