Concord, Illinois Property Taxes
The median property tax rate in Concord, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Concord, the typical annual property tax bill reaches $39, which is significantly lower than the national median of $2,690. Property taxes in Concord 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 Concord'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 Concord or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Concord, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$39
$36
Ownwell’s Concord Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Concord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Concord 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 Concord, Illinois
Property taxes in Concord, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Concord is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Concord set these rates annually, and they can vary across different neighborhoods. Each year, Concord 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 Concord's effective property tax rate to other areas in Illinois and the national median. For comparison, the highest and lowest median property tax rates in the region are also 2.39%, both found in the zip code 62631. Understanding how these areas compare with Concord provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Concord Tax Rate
2.39%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Concord, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62631 | 1.75% | 2.34% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Concord, Illinois
In Concord, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Morgan County Appraisal District 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. 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. In Concord, properties in the 25th percentile have tax bills around $33, while those in the 75th percentile face bills near $1,066. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Concord Assessed Value
$1,620
Average Morgan County Assessed Value
$54,570
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Concord, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62631 | $1,110 | $1,380 | $1,620 | $78,660 | $134,352 |
Source: Ownwell
Property Tax Bills Across Concord, Illinois
In Concord, Morgan County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For homeowners in Concord, the median home price stands at $1,620. Various factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Tax rates in Morgan County are applied to the assessed value to determine the final bill. For instance, the 25th percentile tax bill is $33, while the 75th percentile reaches $1,066, and the 90th percentile goes up to $2,829. These figures highlight the range of tax burdens depending on property values and other considerations. Compared to the national median property tax rate of 0.99%, Concord's rates can vary significantly, affecting homeowners differently. Understanding these nuances is crucial for homeowners to anticipate their annual property tax obligations and budget accordingly.
Average Concord Tax Bill
$39
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Concord, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62631 | $27 | $33 | $39 | $1,066 | $2,829 |
Source: Ownwell