Metropolis, Illinois Property Taxes
The median property tax rate in Metropolis, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Metropolis, the typical annual property tax bill reaches $1,458, exceeding the national median of $2,690. Property taxes in Metropolis 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 Metropolis'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 Metropolis 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
Metropolis, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$1,527
$1,417
Ownwell’s Metropolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Metropolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Metropolis 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 Metropolis, Illinois
Property taxes in Metropolis, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Metropolis is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Metropolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Metropolis 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 Metropolis's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62960 zip code has both the highest and the lowest median property tax rate of 2.53%. Understanding how these cities compare with Metropolis provides valuable insights into the varying tax landscape across Massac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Metropolis Tax Rate
2.53%
Average Massac County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Metropolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62960 | 1.32% | 2.04% | 2.53% | 2.99% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Metropolis, Illinois
In Metropolis, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Massac 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. In Metropolis, assessment notices 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. For instance, the median home price is $60,374, with tax bills ranging widely. The 25th percentile tax bill is $461, while the 75th percentile tax bill is $2,824, and the 90th percentile tax bill reaches $4,058. 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 Metropolis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Metropolis Assessed Value
$60,374
Average Massac County Assessed Value
$60,801
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Metropolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62960 | $7,561 | $22,780 | $60,374 | $114,341 | $166,866 |
Source: Ownwell
Property Tax Bills Across Metropolis, Illinois
In Metropolis, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the home's market value and is used to calculate the tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, in Massac County, where Metropolis is located, the median home price is $60,374. Tax bills vary widely within the county, with the 25th percentile tax bill at $461 and the 75th percentile reaching $2,824. At the 90th percentile, homeowners can expect to pay around $4,058. The highest median tax bill in the area is $1,458, which is notably below the national median property tax rate of 0.99%. These property taxes significantly impact homeowners, influencing their overall cost of living and potentially affecting home affordability. Understanding how these factors interplay helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Metropolis Tax Bill
$1,458
Average Massac County Tax Bill
$1,443
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Metropolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62960 | $159 | $461 | $1,458 | $2,824 | $4,058 |
Source: Ownwell