Moro, Illinois Property Taxes
The median property tax rate in Moro, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Moro, the typical annual property tax bill reaches $2,917, exceeding the national median of $2,690. Property taxes in Moro 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 Moro'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 Moro 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
Moro, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.02%
Estimate Property Tax Bill
$3,116
$3,044
Ownwell’s Moro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moro 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 Moro, Illinois
Property taxes in Moro, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Moro is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Moro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moro 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 Moro's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62067 zip code has the highest median property tax rate of 2.02%, while the lowest median tax rate is also 2.02%. Understanding how these cities compare with Moro provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moro Tax Rate
2.02%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62067 | 1.48% | 1.81% | 2.02% | 2.18% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Moro, Illinois
In Moro, 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 Madison 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 Moro, 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 Moro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62067 has the highest and lowest median tax bill at $2,917.
Average Moro Assessed Value
$154,234
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62067 | $73,783 | $105,376 | $154,234 | $241,831 | $334,625 |
Source: Ownwell
Property Tax Bills Across Moro, Illinois
In Moro, Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Moro face a property tax rate that varies depending on local levies and assessments. For instance, the median home price in Moro is $154,234. The property tax bill can range significantly, with the 25th percentile at $1,872 and the 75th percentile reaching $4,985. At the higher end, the 90th percentile tax bill can soar to $7,210. This variation is influenced by factors such as local government budgets, school funding, and public services. The highest and lowest median tax bills in Moro are both recorded at $2,917, indicating some level of consistency in certain areas. Compared to the national median property tax rate of 0.99%, homeowners in Moro may experience higher or lower tax obligations based on their property's assessed value and the specific tax levies in their area. This directly impacts homeowners' annual financial planning and overall cost of living.
Average Moro Tax Bill
$2,917
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Moro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62067 | $1,218 | $1,872 | $2,917 | $4,985 | $7,210 |
Source: Ownwell