Waggoner, Illinois Property Taxes
The median property tax rate in Waggoner, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Waggoner being $108,458, the typical annual property tax bill reaches $2,553, which is just below the national median of $2,690. Property taxes in Waggoner 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 Waggoner'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 Waggoner or another part of Macoupin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waggoner, 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 Waggoner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waggoner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waggoner 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 Waggoner, Illinois
Property taxes in Waggoner, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waggoner is 2.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Waggoner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waggoner 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 Waggoner's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62572 zip code has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these cities compare with Waggoner provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waggoner Tax Rate
2.45%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waggoner, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62572 | 2.04% | 2.17% | 2.45% | 2.65% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Waggoner, Illinois
In Waggoner, 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 Macoupin 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 Waggoner, 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 Waggoner is $108,458, with tax bills ranging from $2,070 at the 25th percentile to $4,135 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 62572, standing at $2,553. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waggoner Assessed Value
$108,458
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waggoner, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62572 | $56,605 | $79,168 | $108,458 | $118,226 | $138,788 |
Source: Ownwell
Property Tax Bills Across Waggoner, Illinois
In Waggoner, IL, situated in Macoupin County, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Waggoner is $108,458. Homeowners can expect their property tax bills to vary significantly based on their home’s assessed value and the specific tax rates in their locality. For instance, the 25th percentile tax bill in Waggoner is $2,070, while the 75th percentile reaches $2,899. At the higher end, the 90th percentile tax bill can soar to $4,135. This variation demonstrates how factors such as property value and local tax rates influence the final tax bill. The highest and lowest median tax bills in the area are both recorded at $2,553 in the zip code 62572, which suggests some consistency in tax assessments within this region. For homeowners, understanding these factors is crucial, as property taxes impact overall homeownership costs and can vary widely even within the same county.
Average Waggoner Tax Bill
$2,553
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waggoner, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62572 | $1,043 | $2,070 | $2,553 | $2,899 | $4,135 |
Source: Ownwell