Toluca, Marshall County, Illinois Property Taxes

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

Median Toluca, IL effective property tax rate: 2.71%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Toluca, IL home value: $119,760
Median annual Toluca, IL tax bill: $3,071, $671 higher than the national median property tax bill of $2,400.

How are property taxes in Marshall County calculated?

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

Last Updated March 1, 2025

Toluca, Marshall County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.71%

Estimate Property Tax Bill

$3,245

$3,012

Ownwell’s Toluca Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Toluca with just two data points. By entering your property's estimated assessed value, our calculator applies Toluca’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 Toluca, Marshall County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, 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. Below, you can compare Toluca’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Toluca, located in Marshall County, has a median property tax rate of 2.71%, which is significantly higher than the national median of 1.02%. This rate is also among the highest in the state, illustrating the variability in tax rates even within Illinois. In comparison, the median property tax bill in Illinois is often higher than the national median of $2,400. Understanding these differences can help property owners make informed decisions about property investments and tax appeals.

Property Tax Rates Across Toluca, 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 Toluca Tax Rate

2.71%

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 Toluca, Marshall County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61369	1.73%	2.22%	2.71%	3.03%	3.42%

Source: Ownwell

Property Tax Assessment Values Across Toluca, Marshall County, Illinois

When examining property taxes in Toluca, 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 Toluca. For example, the median home price in Toluca is $119,760, with tax bills ranging significantly across the county. Zip code 61369 has the highest median home price at $119,760.

Property Tax Assessment Values Across Toluca, Marshall County, Illinois

Source: Ownwell

$114,447

$143,447

$172,446

Median Toluca Market Value

$119,760

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 Toluca, Marshall County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61369	$35,826	$68,736	$119,760	$208,860	$293,250

Source: Ownwell

Property Tax Bills Across Toluca, Marshall County, Illinois

In Toluca, located within Marshall County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in Toluca experience a wide range of tax bills, with the 25th percentile at $1,416 and the 90th percentile reaching up to $8,895. These figures highlight the variability in tax burdens, influenced by factors such as property location, size, and local levies. The median home price in Toluca is $119,760, which affects the overall tax bill, considering the local tax rate. Compared to the national median property tax bill of $2,400, some homeowners in Toluca may face higher taxes. Ownwell offers services to help homeowners reduce their property tax bills by appealing inaccurate assessments and securing exemptions. By leveraging expert knowledge and local insights, Ownwell can potentially save homeowners significant amounts on their annual tax expenses.

Property Tax Bills Across Toluca, Marshall County, Illinois

Source: Ownwell

$2,640

$3,558

$4,476

Median Toluca Tax Bill

$3,071

Median Marshall County Tax Bill

$3,331

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Toluca, Marshall County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61369	$1,003	$1,416	$3,071	$6,023	$8,895

Source: Ownwell