Magnolia, Marshall County, Illinois Property Taxes

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

Median Magnolia, IL effective property tax rate: 2.65%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Magnolia, IL home value: $168,474
Median annual Magnolia, IL tax bill: $4,476, $2,076 higher than the national median property tax bill of $2,400.

How are property taxes in Marshall County calculated?

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

Last Updated March 1, 2025

Magnolia, Marshall County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.65%

Estimate Property Tax Bill

$4,465

$4,143

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

Property Tax Rates Across Magnolia, Marshall County, Illinois

Local government entities set property tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget to provide services and dividing that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. This process involves votes and laws, but in essence, it is an annual procedure.

In Magnolia, located in Marshall County, Illinois, property tax rates reflect this process. The effective property tax rate in Magnolia stands at 2.65%, which is significantly higher than the national median property tax rate of 1.02%. This high rate places Magnolia among the highest in Illinois, where the median property tax rates are also relatively high compared to other states. Homeowners in Magnolia, therefore, face property tax bills that are considerably above the national median of $2,400.

Comparing Magnolia's effective property tax rate to other cities in Illinois and the U.S. highlights the regional differences in property tax burdens. Understanding these variations can help homeowners make informed decisions about property investments and financial planning.

Property Tax Rates Across Magnolia, Marshall County, Illinois

Source: Ownwell

2.31%

2.62%

2.92%

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 Magnolia Tax Rate

2.65%

Median Effective Marshall County Tax Rate

2.51%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Magnolia, Marshall County, 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, Marshall County, Illinois

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

For example, the median home price in Magnolia is $168,474, with tax bills ranging significantly across the county. Zip code 61336 has the highest median home price at $168,474.

Property Tax Assessment Values Across Magnolia, Marshall County, Illinois

Source: Ownwell

$114,447

$143,447

$172,446

Median Magnolia Market Value

$168,474

Median Marshall County Market Value

$137,295

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Magnolia, Marshall County, 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, Marshall County, Illinois

In Magnolia, located in Marshall County, Illinois, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is typically a percentage of the market value, and local tax authorities set the rate based on budgetary needs. Homeowners in Magnolia face tax bills that can range significantly. For instance, the 25th percentile tax bill is $2,595, while those in the 75th percentile can expect to pay around $5,559. The 90th percentile reaches as high as $6,742. With the national median property tax bill at $2,400, Magnolia's figures indicate a higher burden for many residents. This can impact homeowners by increasing their annual expenses, making it crucial to ensure their property is assessed fairly. Ownwell offers expertise in property tax appeals, helping homeowners potentially reduce their tax bills. By analyzing assessments and identifying discrepancies, Ownwell assists in filing appeals, which can lead to significant savings for property owners in Magnolia.

Property Tax Bills Across Magnolia, Marshall County, Illinois

Source: Ownwell

$2,640

$3,558

$4,476

Median Magnolia Tax Bill

$4,476

Median Marshall County Tax Bill

$3,331

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Magnolia, Marshall County, 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