Wyoming, Marshall County, Illinois Property Taxes
Median Wyoming, IL effective property tax rate: 2.56%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Wyoming, IL home value: $172,446
Median annual Wyoming, IL tax bill: $3,811, $1,411 higher than the national median property tax bill of $2,400.
How are property taxes in Marshall calculated?
Property taxes in Wyoming, 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 Wyoming’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wyoming, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Wyoming, Marshall County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.56%
Estimate Property Tax Bill
$4,415
$4,097
Property Tax Rates Across Wyoming, Marshall County, Illinois
Local government entities set tax rates, which can vary significantly within Illinois. Annually, each county estimates the budget needed to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.
In Wyoming, located in Marshall County, the effective property tax rate is notably higher than the national median of 1.02%. With Marshall County's median tax rate at 2.56%, it reflects one of the highest rates in Illinois, offering a stark contrast to the national landscape. This means property owners in Wyoming may face higher tax bills compared to many other areas in the country.
Understanding these differences is crucial for property owners considering an appeal or exemption, as it highlights the potential savings by working with a property tax consultant. Comparing Wyoming’s tax rate to other cities in Illinois and the U.S. provides valuable insight into local tax burdens and opportunities for financial relief.
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 Wyoming Tax Rate
2.56%
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 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 Wyoming, Marshall County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61491 | 2.05% | 2.12% | 2.56% | 2.67% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, Marshall County, Illinois
When examining property taxes in Wyoming, 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 Marshall 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 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 Wyoming.
For example, the median home price in Wyoming is $172,446, with tax bills ranging significantly across the county. Zip code 61491 has the highest median home price at $172,446.
Property Tax Assessment Values Across Wyoming, Marshall County, Illinois
Source: Ownwell
$114,447
$143,447
$172,446
Median Wyoming Market Value
$172,446
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 Wyoming, Marshall County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61491 | $43,250 | $77,091 | $172,446 | $269,098 | $342,965 |
Source: Ownwell
Property Tax Bills Across Wyoming, Marshall County, Illinois
In Wyoming, located in Marshall County, Illinois, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $172,446. Homeowners face varying tax bills, with the 25th percentile at $1,799 and the 75th percentile reaching $7,192. The tax bill can go as high as $9,236 for the 90th percentile. These figures show a broad range, indicating that individual tax bills can significantly differ based on property value and local tax rates.
With a median tax bill of $3,811, Wyoming's property taxes are higher than the national median of $2,400. This can place a considerable financial burden on homeowners. Ownwell provides property tax appeal and exemption services that can help reduce this burden. By analyzing property assessments and identifying discrepancies, Ownwell assists homeowners in challenging their tax bills. This service can result in substantial savings, ensuring homeowners pay only their fair share of property taxes.
Median Wyoming Tax Bill
$3,811
Median Marshall County Tax Bill
$3,331
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Wyoming, Marshall County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61491 | $1,261 | $1,799 | $3,811 | $7,192 | $9,236 |
Source: Ownwell