Colchester, Mcdonough County, Illinois Property Taxes

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

Median Colchester, IL effective property tax rate: 3.46%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Colchester, IL home value: $21,498
Median annual Colchester, IL tax bill: $744, $1,656 lower than the national median property tax bill of $2,400.

How are property taxes in McDonough County calculated?

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

Last Updated March 1, 2025

Colchester, Mcdonough County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.46%

Estimate Property Tax Bill

$744

$690

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

Property Tax Rates Across Colchester, Mcdonough County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation occurs because 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. Colchester in McDonough County, IL, has an effective property tax rate that stands out compared to other cities in Illinois and the U.S. The median property tax rate in Colchester is notably higher than both the state and national averages, reflecting the localized nature of property tax assessments. With the national median property tax rate at 1.02%, Colchester’s rate is significantly above this benchmark, illustrating the impact of local budgetary needs and property values on tax obligations. Understanding these differences is crucial for property owners looking to manage their tax liabilities effectively.

Property Tax Rates Across Colchester, Mcdonough County, Illinois

Source: Ownwell

3.00%

3.47%

3.94%

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 Colchester Tax Rate

3.46%

Median Effective Mcdonough County Tax Rate

3.94%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Colchester, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62326	2.88%	2.97%	3.46%	3.46%	3.46%

Source: Ownwell

Property Tax Assessment Values Across Colchester, Mcdonough County, Illinois

When examining property taxes in Colchester, 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 McDonough 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. Assessment notices: In McDonough County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Colchester. For example, the median home price in Colchester is $21,498, with tax bills ranging significantly across the county. Zip code 62326 has the highest median home price at $21,498.

Property Tax Assessment Values Across Colchester, Mcdonough County, Illinois

Source: Ownwell

$21,498

$30,804

$40,110

Median Colchester Market Value

$21,498

Median Mcdonough County Market Value

$39,024

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Colchester, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62326	$7,759	$15,300	$21,498	$46,090	$102,655

Source: Ownwell

Property Tax Bills Across Colchester, Mcdonough County, Illinois

In Colchester, McDonough County, IL, property tax bills are calculated by assessing the property's value and applying the local tax rate. The assessed value is typically a percentage of the market value, and the tax rate is determined by local taxing authorities to fund public services. Homeowners in Colchester face a median tax bill of $744, which is significantly lower than the national median of $2,400. However, the tax bill can vary widely, with amounts ranging from $513 at the 25th percentile to $3,556 at the 90th percentile. This disparity highlights the importance of ensuring your property is accurately assessed. Ownwell can assist homeowners by reviewing their property assessments and identifying potential errors or overvaluations. By filing appeals and securing exemptions, Ownwell helps reduce tax burdens, ensuring homeowners pay only their fair share. This service is crucial in a state where property taxes can fluctuate significantly, impacting household budgets and overall financial well-being.

Property Tax Bills Across Colchester, Mcdonough County, Illinois

Source: Ownwell

$744

$1,146

$1,547

Median Colchester Tax Bill

$744

Median Mcdonough County Tax Bill

$1,464

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Colchester, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62326	$250	$513	$744	$1,432	$3,556

Source: Ownwell