Mt Zion, Illinois Property Taxes
The median property tax rate in MT ZION, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in MT ZION, the typical annual property tax bill reaches $3,350, exceeding the national median of $2,690. Property taxes in MT ZION 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 MT ZION'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 MT ZION 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
Mt Zion, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$3,457
$3,208
Ownwell’s MT ZION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MT ZION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT ZION 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 Mt Zion, Illinois
Property taxes in Mt. Zion, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mt. Zion is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mt. Zion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mt. Zion 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. Understanding how Mt. Zion's effective property tax rate compares to other areas in Macon County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Zion Tax Rate
2.38%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Zion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62549 | 1.84% | 2.12% | 2.38% | 2.53% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Mt Zion, Illinois
In MT ZION, 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 Assessment Office 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 MT ZION, 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. For example, the highest median tax bill in MT ZION is $3,350 in the 62549 zip code. 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 MT ZION helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mt Zion Assessed Value
$145,254
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 Mt Zion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62549 | $100,346 | $122,276 | $145,254 | $223,430 | $305,245 |
Source: Ownwell
Property Tax Bills Across Mt Zion, Illinois
In MT ZION, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. For example, if the median home price is $145,254, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the property tax bill. Several factors influence the tax bill, including the property's location, the local tax rate, and any applicable exemptions. In Macon County, the property tax bills can vary significantly. Homeowners in the 25th percentile might pay around $2,651, while those in the 75th percentile could see bills as high as $5,454. The highest median tax bill in the area is $3,350, found in the zip code 62549. These property taxes fund essential services such as public schools, infrastructure, and emergency services. Consequently, higher property taxes can impact homeowners' monthly expenses, making it essential to understand how these rates are determined and what factors contribute to the final bill.
Average Mt Zion Tax Bill
$3,350
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Zion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62549 | $1,987 | $2,651 | $3,350 | $5,454 | $7,600 |
Source: Ownwell