Merna, Illinois Property Taxes
The median property tax rate in Merna, IL is 2.47%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Merna at $141,987, the typical annual property tax bill reaches $3,639, exceeding the national median of $2,690. Property taxes in Merna 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 Merna'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 Merna or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Merna, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$3,507
$3,428
Ownwell’s Merna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merna 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 McLean County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Merna, Illinois
Property taxes in Merna, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merna is 2.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Merna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merna 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 Merna's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61758 has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these areas compare with Merna provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merna Tax Rate
2.47%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61758 | 2.31% | 2.38% | 2.47% | 2.69% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Merna, Illinois
In Merna, 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 McLean 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 Merna, 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 Merna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Merna is $141,987, with the highest median tax bill recorded at $3,639 in zip code 61758.
Average Merna Assessed Value
$141,987
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61758 | $49,264 | $98,826 | $141,987 | $195,312 | $221,609 |
Source: Ownwell
Property Tax Bills Across Merna, Illinois
In Merna, McLean County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. The local tax rate is applied to this assessed value to determine the tax bill. For example, with a median home price of $141,987, homeowners can expect varying tax bills depending on their property's assessed value and the specific rates in their area. Factors such as property improvements, neighborhood developments, and changes in local government budgets can influence the assessed value and tax rate. Homeowners in Merna might see tax bills ranging from $2,177 at the 25th percentile to $4,776 at the 75th percentile, with some reaching as high as $5,485 at the 90th percentile. This variation affects homeowners by potentially increasing their annual expenses, making it crucial for them to stay informed about their property's assessed value and any changes in local tax rates.
Average Merna Tax Bill
$3,639
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Merna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61758 | $1,327 | $2,177 | $3,639 | $4,776 | $5,485 |
Source: Ownwell