Mason City, Mason County, Illinois Property Taxes
Median Mason City, IL effective property tax rate: 2.83%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Mason City, IL home value: $109,494
Median annual Mason City, IL tax bill: $3,171, $771 higher than the national median property tax bill of $2,400.
How are property taxes in Mason County calculated?
Property taxes in Mason City, 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 Mason City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Mason City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Mason City, Mason County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.83%
Estimate Property Tax Bill
$3,099
$2,875
Property Tax Rates Across Mason City, Mason County, Illinois
Local government entities set property tax rates, which can vary significantly within a state. This variation stems from the annual process where each county estimates its required budget for public services and divides it by the total assessed value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the basic annual procedure.
In Mason City, located in Mason County, Illinois, the effective property tax rate stands at 2.83%. This is notably higher than the national median property tax rate of 1.02%. When comparing Mason City's rate to other cities within Illinois, it aligns with the highest median tax rate found in the state. This comparison highlights the substantial variation in property tax rates not only within Illinois but also when contrasted with national figures. Understanding these differences is crucial for property owners considering an appeal or exemption, as it underscores the potential for significant savings.
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 Mason City Tax Rate
2.83%
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 Mason County Tax Rate
2.98%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Mason City, Mason County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62664 | 2.36% | 2.66% | 2.83% | 3.07% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Mason City, Mason County, Illinois
When examining property taxes in Mason City, 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 Mason 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 Mason 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 Mason City.
For example, the median home price in Mason City is $109,494, with tax bills ranging significantly across the county. 62664 has the highest median home price at $109,494.
Property Tax Assessment Values Across Mason City, Mason County, Illinois
Source: Ownwell
$47,322
$79,688
$112,053
Median Mason City Market Value
$109,494
Median Mason County Market Value
$73,888
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Mason City, Mason County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62664 | $20,365 | $50,560 | $109,494 | $175,467 | $242,887 |
Source: Ownwell
Property Tax Bills Across Mason City, Mason County, Illinois
In Mason City, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. This rate is influenced by various factors, including local government budgets, school funding, and public services. For homeowners in Mason City, the median property tax bill is $3,171, which is significantly higher than the national median of $2,400. This higher tax bill can be attributed to the local tax rate and the assessed value of properties in the area. Homeowners may find themselves paying more than expected, especially if their property's assessed value is overestimated.
Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing property assessments and comparing them with market trends, Ownwell can identify discrepancies and help homeowners file appeals. This process can lead to reduced tax bills, offering significant savings. With expert guidance, homeowners can ensure they are not overpaying, thus easing the financial burden of high property taxes in Mason City.
Median Mason City Tax Bill
$3,171
Median Mason County Tax Bill
$2,133
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Mason City, Mason County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62664 | $626 | $1,504 | $3,171 | $4,935 | $7,047 |
Source: Ownwell