Magnolia, Illinois Property Taxes
The median property tax rate in Magnolia, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Magnolia, the typical annual property tax bill reaches $4,476, exceeding the national median of $2,690. Property taxes in Magnolia 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 Magnolia'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 Magnolia 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
Magnolia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$4,465
$4,143
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Illinois
Property taxes in Magnolia, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61336 zip code has the highest median property tax rate of 2.65%, while the 61336 zip code has the lowest median tax rate of 2.65%. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
2.65%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61336 | 1.67% | 2.32% | 2.65% | 2.82% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Magnolia, Illinois. 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 Marshall 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. Assessment notices in Magnolia 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Magnolia is 61336, with a median tax bill of $4,476.
Average Magnolia Assessed Value
$168,474
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61336 | $95,784 | $127,900 | $168,474 | $207,462 | $244,528 |
Source: Ownwell
Property Tax Bills Across Magnolia, Illinois
In Magnolia, located in Marshall County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors influencing the tax bill include the home's market value, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Magnolia is $168,474. Homeowners in the 25th percentile can expect a tax bill around $2,595, while those in the 75th percentile might see bills as high as $5,559. At the 90th percentile, tax bills can reach up to $6,742. Compared to the national median property tax rate of 0.99%, Magnolia's rates can be significantly higher, impacting homeowners by increasing their annual financial obligations. Understanding these factors helps homeowners anticipate their property tax responsibilities and plan their finances accordingly.
Average Magnolia Tax Bill
$4,476
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61336 | $1,910 | $2,595 | $4,476 | $5,559 | $6,742 |
Source: Ownwell