Murrayville, Morgan County, Illinois Property Taxes

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 Murrayville’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Murrayville, located in Morgan County, has an effective property tax rate that stands at 2.21%. This rate is significantly higher than the national median property tax rate of 1.02%. Homeowners in Murrayville experience a property tax bill that reflects this higher rate compared to the national median property tax bill of $2,400. When comparing within Illinois, Murrayville's rate aligns with the highest and lowest median tax rates in the state, both recorded at 2.21%. This consistency highlights the uniformity in property tax assessments within this area, setting it apart from the national landscape where rates can vary dramatically.

In Murrayville, located in Morgan County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax rates are then applied to this assessed value to determine the tax bill. Homeowners in Murrayville face a median property tax bill of $1,157, which is below the national median of $2,400. However, tax bills can vary significantly, with amounts ranging from $681 at the 25th percentile to $2,311 at the 90th percentile, reflecting differences in property values and local tax rates.

Factors influencing property tax bills include changes in property value, local government budgets, and tax rate adjustments. These fluctuations can impact homeowners' financial planning and overall affordability of homeownership. Ownwell offers valuable services to homeowners by providing property tax appeal and exemption assistance. By analyzing property assessments and identifying discrepancies, Ownwell can help homeowners potentially reduce their tax bills, ensuring they pay only their fair share and easing the financial burden of property taxes.