Waterloo, Monroe County, Illinois Property Taxes
Median Waterloo, IL effective property tax rate: 1.93%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Waterloo, IL home value: $224,520
Median annual Waterloo, IL tax bill: $4,123, $1,723 higher than the national median property tax bill of $2,400.
How are property taxes in Monroe calculated?
Property taxes in Waterloo, 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 Waterloo’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Waterloo, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Waterloo, Monroe County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.93%
Estimate Property Tax Bill
$4,333
$4,021
Property Tax Rates Across Waterloo, Monroe County, Illinois
Local government entities determine tax rates, which can vary significantly within Illinois. Each year, Monroe County, like others, estimates its budgetary needs for public services and divides this by the total assessed value of all taxable properties in its jurisdiction. This process results in the property tax rate. While voting and legislation play roles in setting these rates and budgets, this is essentially the annual procedure.
In Waterloo, located in Monroe County, the effective property tax rate stands at 1.93%. This rate is notably higher than the national median of 1.02%, reflecting the broader trend within Illinois, where property tax rates often exceed national averages. Property owners in Waterloo experience these rates firsthand, impacting their annual tax bills. Understanding these dynamics is crucial for property owners aiming to manage their tax liabilities effectively. By comparing Waterloo’s effective property tax rate to other cities in Illinois and the national median, property owners can gain a clearer perspective on their tax obligations and explore potential avenues for appeal or exemption to alleviate their financial burden.
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 Waterloo Taxx Rate
1.93%
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 Monroe County Taxx Rate
1.91%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Waterloo, Monroe County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62298 | 1.53% | 1.82% | 1.93% | 1.99% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Waterloo, Monroe County, Illinois
When examining property taxes in Waterloo, 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 Monroe County Assessor 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 Monroe 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 Waterloo. For example, the median home price in Waterloo is $224,520, with tax bills ranging significantly across the county. Zip code 62298 has the highest median home price at $224,520.
Property Tax Assessment Values Across Waterloo, Monroe County, Illinois
Source: Ownwell
$54,540
$147,450
$240,360
Median Waterloo Market Value
$224,520
Median Monroe County Market Value
$218,520
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Waterloo, Monroe County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62298 | $122,022 | $163,965 | $224,520 | $288,105 | $360,626 |
Source: Ownwell
Property Tax Bills Across Waterloo, Monroe County, Illinois
In Waterloo, located in Monroe County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. Homeowners in Waterloo face a median property tax bill of $4,123, notably higher than the national median of $2,400. This discrepancy can significantly impact household budgets, especially when the tax bill reaches the 90th percentile at $6,970.
Ownwell assists homeowners in reducing their property tax bills by identifying potential errors in assessments and filing appeals on behalf of homeowners. With expertise in local tax regulations, Ownwell ensures that homeowners are not overpaying due to inaccuracies. By leveraging Ownwell’s services, homeowners can potentially lower their tax liabilities, ensuring they pay only their fair share, and freeing up funds for other household needs.
Median Waterloo Tax Bill
$4,123
Median Monroe County Tax Bill
$3,972
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Waterloo, Monroe County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62298 | $1,892 | $2,875 | $4,123 | $5,489 | $6,970 |
Source: Ownwell