Matherville, Illinois Property Taxes
The median property tax rate in Matherville, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Matherville at $90,765, the typical annual property tax bill reaches $1,712, which is below the national median of $2,690. Property taxes in Matherville 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 Matherville'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 Matherville or another part of Mercer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Matherville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$2,051
$1,904
Ownwell’s Matherville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Matherville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Matherville 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Matherville, Illinois
Property taxes in Matherville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Matherville is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Matherville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Matherville 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 Matherville's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61263 has both the highest and lowest median property tax rate of 2.26%. Understanding how these areas compare with Matherville provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Matherville Tax Rate
2.26%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Matherville, 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, Illinois
In Matherville, Illinois, understanding the distinction between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Mercer County Assessor 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 Matherville, 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 Matherville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61263 has the highest and lowest median tax bills, both at $1712, reflecting a consistent tax landscape.
Average Matherville Assessed Value
$90,765
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Matherville, 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, Illinois
In Matherville, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the Mercer County Assessor's Office. This assessed value is typically a percentage of the home's market value. For example, if a home has a market value of $90,765, the assessed value would be a fraction of this amount. The property tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions or deductions. In Matherville, the median property tax bill ranges significantly, with the 25th percentile at $1,397 and the 75th percentile at $4,396. This variance reflects differences in property values and available exemptions. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual housing costs. With the national median property tax rate at 0.99%, comparing local rates can help homeowners gauge their relative tax burden.
Average Matherville Tax Bill
$1,712
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Matherville, 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