Palmyra, Macoupin County, Illinois Property Taxes

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

Median Palmyra, IL effective property tax rate: 1.73%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Palmyra, IL home value: $60,516
Median annual Palmyra, IL tax bill: $985, $1,415 lower than the national median property tax bill of $2,400.

How are property taxes in Macoupin calculated?

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

Last Updated March 1, 2025

Palmyra, Macoupin County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.73%

Estimate Property Tax Bill

$1,047

$972

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

Property Tax Rates Across Palmyra, Macoupin County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation arises because each county annually estimates its required budget to provide essential 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, this is the annual process in a nutshell. Below, you can compare Palmyra’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Palmyra, located in Macoupin County, has a median property tax rate of 1.73%, which is significantly higher than the national median of 1.02%. This places Palmyra among the regions with the highest property tax rates in Illinois. The local rate reflects the county's budgetary needs and the total assessed property value, underscoring the importance of understanding local tax dynamics.

Property Tax Rates Across Palmyra, Macoupin County, Illinois

Source: Ownwell

1.27%

1.88%

2.49%

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 Palmyra Tax Rate

1.73%

Median Effective Macoupin County Tax Rate

1.93%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Palmyra, Macoupin County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62674	0.88%	1.37%	1.73%	2.12%	2.15%

Source: Ownwell

Property Tax Assessment Values Across Palmyra, Macoupin County, Illinois

When examining property taxes in Palmyra, 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 Macoupin County appraisal 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 Macoupin 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 Palmyra. For example, the median home price in Palmyra is $60,516, with tax bills ranging significantly across the county. 62674 has the highest median home price at $60,516.

Property Tax Assessment Values Across Palmyra, Macoupin County, Illinois

Source: Ownwell

$25,616

$109,649

$193,682

Median Palmyra Market Value

$60,516

Median Macoupin County Market Value

$80,204

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Palmyra, Macoupin County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62674	$18,964	$32,828	$60,516	$95,318	$143,274

Source: Ownwell

Property Tax Bills Across Palmyra, Macoupin County, Illinois

In Palmyra, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Palmyra is $60,516, with property tax bills ranging from $473 at the 25th percentile to $2,662 at the 90th percentile. The median tax bill in Macoupin County is $985, which is below the national median of $2,400. Factors influencing the tax bill include the property's assessed value and the local tax rate. Homeowners in Palmyra may find their property tax bills higher than expected due to fluctuations in these factors. Ownwell can assist homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing property assessments and local tax rates, Ownwell ensures homeowners only pay their fair share, potentially reducing their property tax burden and providing peace of mind.

Property Tax Bills Across Palmyra, Macoupin County, Illinois

Source: Ownwell

$378

$1,651

$2,923

Median Palmyra Tax Bill

$985

Median Macoupin County Tax Bill

$1,490

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Palmyra, Macoupin County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62674	$226	$473	$985	$1,641	$2,662

Source: Ownwell