Montgomery County Property Taxes
The median property tax rate in Montgomery County is 2.46%, which is significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Montgomery County, the typical annual property tax bill reaches $2,523, which is below the national median of $2,690. Property taxes in Montgomery County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Montgomery County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Litchfield or another part of Montgomery County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montgomery County Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Montgomery Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Montgomery with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Montgomery to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Montgomery County, Illinois
Property taxes in Montgomery County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Montgomery County is 2.46%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Montgomery County set these rates annually, and they can vary significantly between different areas within the county. Each year, Montgomery County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Taylor Springs has one of the higher property tax rates in Illinois at 2.76%, while the city of Ramsey boasts one of the lowest at 2.05%. Analyzing how Montgomery County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Butler | 1.29% | 2.03% | 2.50% | 2.72% | 2.95% |
| Coffeen | N/A | N/A | N/A | N/A | N/A |
| Donnellson | 1.73% | 2.34% | 2.70% | 2.82% | 3.45% |
| Farmersville | 2.08% | 2.49% | 2.72% | 2.85% | 3.06% |
| Fillmore | 1.27% | 1.97% | 2.39% | 2.69% | 2.80% |
| Harvel | 2.45% | 2.50% | 2.63% | 2.91% | 3.01% |
| Hillsboro | 1.54% | 2.09% | 2.43% | 2.70% | 2.95% |
| Irving | 1.23% | 1.83% | 2.40% | 2.59% | 2.83% |
| Litchfield | 1.60% | 2.11% | 2.45% | 2.87% | 3.09% |
| Morrisonville | 2.09% | 2.32% | 2.48% | 2.66% | 2.96% |
| Mount Olive | 2.47% | 2.48% | 2.48% | 2.52% | 2.54% |
| Mulberry Grove | 2.64% | 2.64% | 2.64% | 2.64% | 2.64% |
| New Douglas | 2.21% | 2.46% | 2.54% | 2.71% | 2.79% |
| Nokomis | 1.62% | 1.99% | 2.40% | 2.69% | 2.83% |
| Oconee | 1.01% | 1.63% | 2.10% | 2.21% | 2.39% |
| Ohlman | 2.21% | 2.47% | 2.68% | 2.81% | 2.93% |
| Pana | 1.84% | 1.93% | 2.25% | 2.69% | 2.79% |
| Panama | 2.44% | 2.61% | 2.71% | 2.71% | 2.71% |
| Pawnee | 2.43% | 2.45% | 2.48% | 2.50% | 2.51% |
| Ramsey | 1.49% | 1.60% | 2.05% | 2.34% | 2.47% |
| Raymond | 1.96% | 2.38% | 2.56% | 2.76% | 2.81% |
| Rosamond | 1.71% | 2.07% | 2.46% | 2.60% | 2.75% |
| Sorento | 2.10% | 2.34% | 2.65% | 2.75% | 2.83% |
| Taylor Springs | 2.56% | 2.69% | 2.76% | 2.76% | 2.76% |
| Virden | 2.22% | 2.35% | 2.58% | 2.83% | 3.02% |
| Waggoner | 2.22% | 2.34% | 2.49% | 2.83% | 2.90% |
| Walshville | 0.99% | 1.88% | 2.38% | 2.66% | 2.88% |
| Witt | 1.73% | 2.20% | 2.46% | 2.84% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery County, Illinois
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Montgomery County, Illinois. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Montgomery County Appraisal District. The assessed value, however, 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. Assessment notices in Montgomery County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Montgomery County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Montgomery County, the highest median tax bill is found in Pawnee at $9,760, while Panama has the lowest median tax bill at $954. The county's median home price is $105,765, with tax bills ranging from $1,318 at the 25th percentile to $5,723 at the 90th percentile.
Property Tax Assessment Values Across Montgomery County, Illinois
Source: Ownwell
$35,250
$211,260
$387,270
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montgomery County, Illinois
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Butler | $41,616 | $63,009 | $103,620 | $156,802 | $214,542 |
| Coffeen | N/A | N/A | N/A | N/A | N/A |
| Donnellson | $6,582 | $39,158 | $83,992 | $163,208 | $284,363 |
| Farmersville | $32,776 | $63,254 | $119,607 | $190,748 | $243,884 |
| Fillmore | $24,234 | $41,750 | $80,096 | $134,895 | $190,244 |
| Harvel | $52,380 | $120,525 | $170,775 | $196,838 | $228,990 |
| Hillsboro | $28,800 | $58,755 | $104,768 | $157,815 | $211,337 |
| Irving | $30,816 | $57,447 | $100,062 | $158,712 | $203,666 |
| Litchfield | $28,164 | $54,375 | $109,620 | $173,752 | $235,233 |
| Morrisonville | $76,250 | $110,899 | $150,344 | $214,188 | $251,595 |
| Mount Olive | $176,072 | $184,536 | $198,642 | $204,944 | $208,724 |
| Mulberry Grove | $124,860 | $124,860 | $124,860 | $124,860 | $124,860 |
| New Douglas | $90,460 | $107,905 | $159,330 | $176,008 | $202,203 |
| Nokomis | $17,202 | $45,750 | $105,690 | $166,575 | $221,535 |
| Oconee | $15,609 | $39,422 | $97,620 | $125,644 | $152,128 |
| Ohlman | $87,124 | $142,684 | $173,782 | $191,550 | $223,113 |
| Pana | $53,820 | $59,715 | $111,435 | $158,385 | $272,055 |
| Panama | $27,945 | $29,362 | $35,250 | $51,004 | $70,180 |
| Pawnee | $246,438 | $299,250 | $387,270 | $402,495 | $411,630 |
| Ramsey | $32,481 | $54,982 | $93,512 | $118,001 | $131,543 |
| Raymond | $38,214 | $76,770 | $163,140 | $215,475 | $274,352 |
| Rosamond | $84,924 | $94,114 | $151,371 | $215,056 | $283,208 |
| Sorento | $48,766 | $78,687 | $160,581 | $185,692 | $203,880 |
| Taylor Springs | $21,537 | $23,872 | $38,595 | $81,090 | $133,416 |
| Virden | $73,137 | $105,498 | $151,245 | $213,915 | $255,044 |
| Waggoner | $29,347 | $94,872 | $125,265 | $198,456 | $237,258 |
| Walshville | $26,259 | $61,369 | $104,360 | $152,708 | $200,805 |
| Witt | $31,500 | $59,968 | $101,404 | $170,302 | $197,703 |
Source: Ownwell
Property Tax Bills Across Montgomery County, Illinois
In Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Montgomery County experience varying tax bills depending on these assessments and the specific tax rates applied by local taxing authorities. For instance, the median home price in Montgomery County is $105,765. Homeowners in the 25th percentile pay around $1,318 in property taxes annually, while those in the 75th percentile face a tax bill of approximately $4,256. At the 90th percentile, the tax bill can reach up to $5,723. The highest median tax bill in the county is found in Pawnee at $9,760, whereas Panama has the lowest at $954. These variations highlight how property taxes can significantly impact homeowners, depending on their property's assessed value and location within the county.
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Butler | $835 | $1,398 | $2,837 | $4,309 | $5,366 |
| Coffeen | N/A | N/A | N/A | N/A | N/A |
| Donnellson | $322 | $1,433 | $3,119 | $4,649 | $7,474 |
| Farmersville | $1,113 | $1,774 | $3,545 | $5,225 | $6,441 |
| Fillmore | $463 | $827 | $1,724 | $3,298 | $4,989 |
| Harvel | $2,010 | $3,360 | $4,694 | $5,491 | $6,552 |
| Hillsboro | $647 | $1,315 | $2,314 | $3,892 | $5,375 |
| Irving | $543 | $1,160 | $2,009 | $3,842 | $5,171 |
| Litchfield | $590 | $1,371 | $2,574 | $4,119 | $6,019 |
| Morrisonville | $1,756 | $2,693 | $3,936 | $4,841 | $6,732 |
| Mount Olive | $4,357 | $4,574 | $4,935 | $5,163 | $5,299 |
| Mulberry Grove | $3,290 | $3,290 | $3,290 | $3,290 | $3,290 |
| New Douglas | $2,501 | $2,531 | $3,482 | $4,752 | $5,055 |
| Nokomis | $686 | $1,124 | $2,306 | $4,302 | $5,643 |
| Oconee | $586 | $1,335 | $2,156 | $2,626 | $2,953 |
| Ohlman | $1,980 | $2,984 | $4,384 | $5,592 | $6,249 |
| Pana | $1,027 | $1,161 | $2,283 | $4,422 | $7,330 |
| Panama | $757 | $795 | $954 | $1,301 | $1,677 |
| Pawnee | $6,042 | $7,436 | $9,760 | $10,058 | $10,238 |
| Ramsey | $823 | $988 | $1,498 | $2,111 | $2,517 |
| Raymond | $1,385 | $2,257 | $3,955 | $5,779 | $7,635 |
| Rosamond | $1,652 | $2,137 | $3,571 | $5,362 | $7,491 |
| Sorento | $1,757 | $2,085 | $3,369 | $5,054 | $5,400 |
| Taylor Springs | $595 | $660 | $1,067 | $2,117 | $3,339 |
| Virden | $1,790 | $2,140 | $3,898 | $5,833 | $6,839 |
| Waggoner | $1,494 | $2,428 | $3,123 | $5,339 | $6,175 |
| Walshville | $579 | $1,038 | $2,466 | $3,646 | $5,318 |
| Witt | $879 | $1,480 | $2,449 | $4,358 | $5,304 |
Source: Ownwell