Tallula, Menard County, Illinois Property Taxes

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

Median Tallula, IL effective property tax rate: 2.49%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Tallula, IL home value: $110,733
Median annual Tallula, IL tax bill: $2,681, $281 higher than the national median property tax bill of $2,400.

How are property taxes in Menard County calculated?

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

Last Updated March 1, 2025

Tallula, Menard County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.49%

Estimate Property Tax Bill

$2,757

$2,559

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

Property Tax Rates Across Tallula, Menard County, Illinois

Local government entities set tax rates, which can vary widely within a state. Why? 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. Below, you can compare Tallula’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

In Tallula, located in Menard County, the property tax rate stands out significantly compared to the national median. With Illinois having a median property tax rate of 2.49%, it is notably higher than the national median of 1.02%. This higher rate reflects the state's approach to funding local services, which can result in a substantial property tax bill for homeowners. Understanding these variations is crucial for property owners, as it can impact long-term financial planning and investment decisions. By appealing your property taxes, you can potentially reduce your tax burden and ensure that you are not overpaying based on your property's assessed value.

Property Tax Rates Across Tallula, Menard County, Illinois

Source: Ownwell

2.15%

2.35%

2.55%

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 Tallula Tax Rate

2.49%

Median Effective Menard County Tax Rate

2.40%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Tallula, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62688	2.39%	2.45%	2.49%	2.53%	2.53%

Source: Ownwell

Property Tax Assessment Values Across Tallula, Menard County, Illinois

When examining property taxes in Tallula, 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 Menard 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 Menard 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 Tallula. For example, the median home price in Tallula is $110,733, with tax bills ranging significantly across the county. Zip code 62688 has the highest median home price at $110,733.

Property Tax Assessment Values Across Tallula, Menard County, Illinois

Source: Ownwell

$45,300

$78,017

$110,733

Median Tallula Market Value

$110,733

Median Menard County Market Value

$80,994

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Tallula, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62688	$9,034	$29,578	$110,733	$236,816	$328,310

Source: Ownwell

Property Tax Bills Across Tallula, Menard County, Illinois

In TALLULA, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, determined by local assessors. Various factors such as property size, location, and improvements can influence this assessed value. In Menard County, the median property tax bill is $2,681, which is slightly above the national median of $2,400. For homeowners, this means property taxes can represent a significant annual expense. The tax bill can vary widely, with the 25th percentile paying around $715 and the 75th percentile seeing bills as high as $5,363. This variance highlights the importance of ensuring your property is fairly assessed. Ownwell can assist homeowners by reviewing their assessments and identifying potential savings. By filing appeals and securing exemptions, Ownwell aims to reduce the financial burden on homeowners, ensuring they pay only their fair share. This service can be instrumental in managing and potentially lowering property tax expenses.

Property Tax Bills Across Tallula, Menard County, Illinois

Source: Ownwell

$1,153

$1,917

$2,681

Median Tallula Tax Bill

$2,681

Median Menard County Tax Bill

$1,844

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Tallula, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62688	$218	$715	$2,681	$5,363	$8,196

Source: Ownwell