Texico, Marion County, Illinois Property Taxes

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

Median Texico, IL effective property tax rate: 1.55%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Texico, IL home value: $78,180
Median annual Texico, IL tax bill: $929, $1,471 lower than the national median property tax bill of $2,400.

How are property taxes in Marion County calculated?

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

Last Updated March 1, 2025

Texico, Marion County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.55%

Estimate Property Tax Bill

$1,212

$1,125

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

Property Tax Rates Across Texico, Marion County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide 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.

Texico in Marion County, IL, has an effective property tax rate of 1.55%. This is higher than the national median property tax rate of 1.02%. When comparing Texico's rate to other cities in Illinois, it aligns with the median property tax rate for the state, which is also 1.55%. This suggests that Texico's property tax rate is consistent with the state average but remains above the national median. Understanding these rates can help property owners make informed decisions about property investments and tax appeals. By staying informed, property owners in Texico can better navigate their tax obligations and potentially reduce their tax burden.

Property Tax Rates Across Texico, Marion County, Illinois

Source: Ownwell

1.55%

2.04%

2.53%

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 Texico Tax Rate

1.55%

Median Effective Marion County Tax Rate

2.03%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Texico, Marion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62889	0.78%	1.03%	1.55%	1.98%	2.15%

Source: Ownwell

Property Tax Assessment Values Across Texico, Marion County, Illinois

When examining property taxes in Texico, 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 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 Marion County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Texico.

For example, the median home price in Texico is $78,180, with tax bills ranging significantly across the county. Zip code 62889 has the highest median home price at $78,180.

Property Tax Assessment Values Across Texico, Marion County, Illinois

Source: Ownwell

$24,930

$79,446

$133,962

Median Texico Market Value

$78,180

Median Marion County Market Value

$53,770

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Texico, Marion County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62889	$30,035	$51,202	$78,180	$120,777	$168,606

Source: Ownwell

Property Tax Bills Across Texico, Marion County, Illinois

Property tax bills in Texico, located in Marion County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. Homeowners in Texico can expect a median property tax bill of $929, which is significantly lower than the national median of $2,400. However, tax bills can vary widely, with the 25th percentile at $557 and the 90th percentile reaching $3,238. This variation underscores the importance of understanding the assessment process and ensuring accuracy. Ownwell assists homeowners by navigating the complexities of property tax appeals and exemptions, potentially leading to significant savings. By analyzing property details and comparable assessments, Ownwell helps ensure homeowners are not overpaying, providing peace of mind and financial relief.

Property Tax Bills Across Texico, Marion County, Illinois

Source: Ownwell

$425

$1,151

$1,876

Median Texico Tax Bill

$929

Median Marion County Tax Bill

$1,004

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Texico, Marion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62889	$346	$557	$929	$2,049	$3,238

Source: Ownwell