Prairie City, Illinois Property Taxes
The median property tax rate in Prairie City, IL is 2.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Prairie City at $23,055, the typical annual property tax bill reaches $677, exceeding the national median of $2,690. Property taxes in Prairie City 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 Prairie City'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 Prairie City or another part of McDonough County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prairie City, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Prairie City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie City 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 McDonough County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Prairie City, Illinois
Property taxes in Prairie City, Illinois, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Prairie City is 2.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Prairie City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie City 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 Prairie City's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61470 zip code has the highest median property tax rate of 2.94%, while the same 61470 zip code also has the lowest median tax rate of 2.94%. Understanding how these areas compare with Prairie City provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prairie City Tax Rate
2.94%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61470 | 1.41% | 2.70% | 2.94% | 2.94% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Prairie City, Illinois
In Prairie City, 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 McDonough 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 Prairie City, 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. 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 Prairie City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Prairie City is $677 in zip code 61470, while the lowest is also $677 in the same zip code.
Average Prairie City Assessed Value
$23,055
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prairie City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61470 | $9,881 | $18,228 | $23,055 | $31,575 | $71,400 |
Source: Ownwell
Property Tax Bills Across Prairie City, Illinois
In Prairie City, located in McDonough County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $23,055, the tax burden varies significantly. At the 25th percentile, homeowners might pay around $127, while those at the 75th percentile could see bills as high as $927. The top 10% of property tax bills can reach up to $1,957. Several factors influence these tax bills, including the property's location, size, and any applicable exemptions. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Comparatively, Prairie City's tax rates can be quite burdensome, especially when the highest median tax bill in the area matches the lowest, both at $677 in the 61470 zip code. This disparity underscores the importance of understanding local tax assessments and seeking potential exemptions.
Average Prairie City Tax Bill
$677
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61470 | $111 | $127 | $677 | $927 | $1,957 |
Source: Ownwell