Troy, Madison County, Illinois Property Taxes
Median Troy, IL effective property tax rate: 2.20%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Troy, IL home value: $221,682
Median annual Troy, IL tax bill: $4,812, $2,412 higher than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Troy, 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 Troy’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Troy, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Troy, Madison County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.2%
Estimate Property Tax Bill
$4,877
$4,526
Ownwell’s Troy Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Troy with just two data points.
By entering your property's estimated assessed value, our calculator applies Troy’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 Madison County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Troy, Madison County, Illinois
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation occurs because each county annually estimates the budget needed to provide essential services and divides this by the total value of taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process.
In Troy, located in Madison County, Illinois, the effective property tax rate stands at 2.20%, which is notably higher than the national median property tax rate of 1.02%. This rate is consistent across Madison County, with Troy sharing the same rate as other areas within the zip code 62294. The median property tax bill in this area is also significantly higher than the national median of $2,400. This comparison highlights the importance of understanding local tax rates and their impact on property owners. By being informed, property owners in Troy can make better financial decisions and potentially explore avenues for appealing their property taxes.
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 Troy Taxx Rate
2.20%
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 Madison County Taxx Rate
2.17%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Troy, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62294 | 1.86% | 2.08% | 2.20% | 2.32% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Madison County, Illinois
When examining property taxes in Troy, Illinois, 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 Madison County Assessor 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 Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Troy.
For example, the median home price in Troy is $221,682, with tax bills ranging significantly across the county. Zip code 62294 has the highest median home price at $221,682.
Property Tax Assessment Values Across Troy, Madison County, Illinois
Source: Ownwell
$19,910
$137,778
$255,646
Median Troy Market Value
$221,682
Median Madison County Market Value
$128,259
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Troy, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62294 | $118,543 | $162,696 | $221,682 | $287,770 | $364,951 |
Source: Ownwell
Property Tax Bills Across Troy, Madison County, Illinois
In Troy, located in Madison County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in Troy is $221,682, and homeowners face a median property tax bill of $4,812, significantly higher than the national median of $2,400. Several factors influence the tax bill, including the home's assessed value and local government budgets. Homeowners in Troy experience tax bills starting at the 25th percentile of $3,414, reaching up to $8,134 at the 90th percentile, which highlights the variability depending on property value and location within the city.
High property tax bills can be a financial burden on homeowners, but Ownwell offers a solution. By providing expert property tax appeal and exemption services, Ownwell helps homeowners potentially reduce their tax liabilities. With a deep understanding of local tax laws and assessment practices, Ownwell can identify discrepancies in property assessments and advocate for fair adjustments, ultimately helping homeowners in Troy save on their property tax bills.
Median Troy Tax Bill
$4,812
Median Madison County Tax Bill
$2,705
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Troy, Madison County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62294 | $2,282 | $3,414 | $4,812 | $6,421 | $8,134 |
Source: Ownwell