Patoka, Marion County, Illinois Property Taxes
Median Patoka, IL effective property tax rate: 1.82%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Patoka, IL home value: $107,818
Median annual Patoka, IL tax bill: $1,876, $524 lower than the national median property tax bill of $2,400.
How are property taxes in Marion calculated?
Property taxes in Patoka, 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 Patoka’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Patoka, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Patoka, Marion County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.82%
Estimate Property Tax Bill
$1,962
$1,821
Property Tax Rates Across Patoka, Marion 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, in a nutshell, this is the annual process.
In Patoka, located in Marion County, Illinois, the effective property tax rate is 1.82%. Interestingly, this rate is consistent across the region, making it both the highest and lowest in the area. When compared to the national median property tax rate of 1.02%, Patoka's rate is notably higher. The national median property tax bill is $2400, which can provide further context to how local rates impact homeowners. Understanding these rates and how they compare to state and national figures can help property owners make informed decisions and potentially explore options to manage their property tax obligations effectively.
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 Patoka Taxx Rate
1.82%
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 Marion County Taxx Rate
2.03%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Patoka, Marion County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | 0.75% | 1.36% | 1.82% | 2.05% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Patoka, Marion County, Illinois
When examining property taxes in Patoka, 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 Marion 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 Marion 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 Patoka. For example, the median home price in Patoka is $107,818, with tax bills ranging significantly across the county. The zip code 62875 has the highest median home price at $107,818.
Property Tax Assessment Values Across Patoka, Marion County, Illinois
Source: Ownwell
$24,930
$79,446
$133,962
Median Patoka Market Value
$107,818
Median Marion County Market Value
$53,770
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Patoka, Marion County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | $20,217 | $41,263 | $107,818 | $181,355 | $248,640 |
Source: Ownwell
Property Tax Bills Across Patoka, Marion County, Illinois
In Patoka, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Marion County Assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Patoka is $107,818, and homeowners typically see property tax bills ranging from $687 at the 25th percentile to $5,410 at the 90th percentile. The median tax bill in the area is $1,876, which is below the national median of $2,400.
Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. High property taxes can significantly impact homeowners' budgets, making it essential to ensure the assessed value is accurate. Ownwell assists homeowners by reviewing property assessments and identifying potential errors or overvaluations. By appealing these assessments, Ownwell helps reduce tax bills, ensuring homeowners pay only their fair share. This service can lead to substantial savings and provide peace of mind for property owners in Patoka.
Median Patoka Tax Bill
$1,876
Median Marion County Tax Bill
$1,004
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Patoka, Marion County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | $198 | $687 | $1,876 | $3,571 | $5,410 |
Source: Ownwell