Matherville, Mercer County, Illinois Property Taxes

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

Median Matherville, IL effective property tax rate: 2.26%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Matherville, IL home value: $90,765
Median annual Matherville, IL tax bill: $1,712, $688 lower than the national median property tax bill of $2,400.

How are property taxes in Mercer calculated?

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

Last Updated March 1, 2025

Matherville, Mercer County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.26%

Estimate Property Tax Bill

$2,051

$1,904

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

Property Tax Rates Across Matherville, Mercer County, Illinois

Local government entities in Illinois determine tax rates, leading to significant variations even within the state. Each year, counties like Mercer estimate the budget necessary to provide essential services. They then divide this budget by the total value of all taxable property in the area, resulting in the property tax rate. This process, while involving votes and legal considerations, is the core of setting annual tax rates and budgets.

In Matherville, located in Mercer County, the effective property tax rate is a reflection of this process. When compared to other cities in Illinois, Matherville's rate offers insight into the broader landscape of property taxation within the state. The median property tax rate in Illinois is notably higher than the national median of 1.02%, highlighting the state's unique fiscal demands. This comparison provides a clearer picture of how local tax rates align with both state and national figures, offering property owners a better understanding of their tax obligations.

Property Tax Rates Across Matherville, Mercer County, Illinois

Source: Ownwell

2.25%

2.50%

2.75%

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 Matherville Tax Rate

2.26%

Median Effective Mercer County Tax Rate

2.47%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Matherville, Mercer County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61263	1.91%	2.18%	2.26%	2.50%	2.62%

Source: Ownwell

Property Tax Assessment Values Across Matherville, Mercer County, Illinois

When examining property taxes in Matherville, 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 Mercer County Assessor's Office 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 Mercer 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 Matherville. For example, the median home price in Matherville is $90,765, with tax bills ranging significantly across the county. 61263 has the highest median home price at $90,765.

Property Tax Assessment Values Across Matherville, Mercer County, Illinois

Source: Ownwell

$90,765

$152,274

$213,783

Median Matherville Market Value

$90,765

Median Mercer County Market Value

$156,489

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Matherville, Mercer County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61263	$36,994	$61,575	$90,765	$198,897	$249,387

Source: Ownwell

Property Tax Bills Across Matherville, Mercer County, Illinois

In Matherville, located in Mercer County, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. Local tax rates are then applied to this assessed value, resulting in the annual tax bill. With a median home price of $90,765, homeowners in Matherville face a property tax bill that varies significantly. The 25th percentile tax bill is $1,397, while the 75th percentile reaches $4,396, and the 90th percentile tops out at $5,488. Despite these variations, the median tax bill is $1,712, which is lower than the national median of $2,400.

This variability can significantly impact homeowners financially, making it crucial to ensure their property is not over-assessed. Ownwell offers expertise in property tax appeals, helping homeowners potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists in filing appeals, aiming to secure savings for homeowners. This service can alleviate the financial burden and ensure fair taxation.

Property Tax Bills Across Matherville, Mercer County, Illinois

Source: Ownwell

$1,712

$3,760

$5,808

Median Matherville Tax Bill

$1,712

Median Mercer County Tax Bill

$3,661

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Matherville, Mercer County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61263	$956	$1,397	$1,712	$4,396	$5,488

Source: Ownwell