Litchfield, Montgomery County, Illinois Property Taxes

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

Median Litchfield, IL effective property tax rate: 2.45%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Litchfield, IL home value: $109,620. Median annual Litchfield, IL tax bill: $2,574, $174 higher than the national median property tax bill of $2,400.

How are property taxes in Montgomery calculated?

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

Last Updated March 1, 2025

Litchfield, Montgomery County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.45%

Estimate Property Tax Bill

$2,686

$2,492

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

Property Tax Rates Across Litchfield, Montgomery County, Illinois

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

In Litchfield, located in Montgomery County, the median property tax rate is significantly higher than the national median of 1.02%. This means property owners in Litchfield pay more compared to the national average. The city's rate is consistent with both the highest and lowest median tax rates in the area, reflecting a uniformity that might not be seen in other parts of the state. Understanding these rates can help property owners make informed decisions, especially when considering property tax appeals or exploring exemptions.

Property Tax Rates Across Litchfield, Montgomery County, Illinois

Source: Ownwell

2.05%

2.39%

2.72%

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 Litchfield Tax Rate

2.45%

Median Effective Montgomery County Tax Rate

2.46%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Litchfield, Montgomery County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62056	1.60%	2.11%	2.45%	2.87%	3.09%

Source: Ownwell

Property Tax Assessment Values Across Litchfield, Montgomery County, Illinois

When examining property taxes in Litchfield, 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 Montgomery 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 Montgomery 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 Litchfield. For example, the median home price in Litchfield is $109,620, with tax bills ranging significantly across the county. Zip code 62056 has the highest median home price at $109,620.

Property Tax Assessment Values Across Litchfield, Montgomery County, Illinois

Source: Ownwell

$80,096

$125,436

$170,775

Median Litchfield Market Value

$109,620

Median Montgomery County Market Value

$105,765

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Litchfield, Montgomery County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62056	$28,164	$54,375	$109,620	$173,752	$235,233

Source: Ownwell

Property Tax Bills Across Litchfield, Montgomery County, Illinois

In Litchfield, Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as local government budgets, school funding needs, and public service requirements influence the tax rate. The median home price in Litchfield is $109,620, which can lead to varying tax bills depending on the precise assessed value and the specific tax rate applied. Homeowners in this area can expect tax bills ranging significantly, with the 25th percentile at $1,371 and the 90th percentile reaching up to $6,019. This variability can significantly impact homeowners' finances, often leading to unexpectedly high expenses. Ownwell assists homeowners by providing expert property tax appeal services, potentially reducing their tax liabilities. By analyzing assessment data and identifying discrepancies, Ownwell helps ensure that homeowners in Litchfield are not overpaying on their property taxes, offering a valuable financial relief.

Property Tax Bills Across Litchfield, Montgomery County, Illinois

Source: Ownwell

$1,498

$3,096

$4,694

Median Litchfield Tax Bill

$2,574

Median Montgomery County Tax Bill

$2,523

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Litchfield, Montgomery County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62056	$590	$1,371	$2,574	$4,119	$6,019

Source: Ownwell