Waverly, Morgan County, Illinois Property Taxes

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

Median Waverly, IL effective property tax rate: 1.87%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Waverly, IL home value: $39,180
Median annual Waverly, IL tax bill: $523, $1,877 lower than the national median property tax bill of $2,400.

How are property taxes in Morgan County calculated?

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

Last Updated March 1, 2025

Waverly, Morgan County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.87%

Estimate Property Tax Bill

$733

$680

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

Property Tax Rates Across Waverly, Morgan County, Illinois

Local government entities are responsible for setting property tax rates, and these can vary significantly within a state. This variation is due to each county's annual process of estimating the budget necessary to fund services, which is then divided by the total value of all taxable properties within the jurisdiction. This calculation determines the property tax rate. While this process involves votes and legislation, it essentially boils down to this annual budgeting exercise.

In Waverly, located in Morgan County, Illinois, the effective property tax rate stands at 1.87%. This rate is notably higher than the national median property tax rate of 1.02%, indicating a more substantial tax burden on property owners within this region. When compared to other cities in Illinois, Waverly shares the same effective tax rate, reflecting a consistent approach within the area. Understanding these rates is crucial for property owners, as it directly impacts the annual property tax bill and overall cost of homeownership.

Property Tax Rates Across Waverly, Morgan County, Illinois

Source: Ownwell

1.87%

2.52%

3.18%

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 Waverly Taxx Rate

1.87%

Median Effective Morgan County Taxx Rate

3.18%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Waverly, Morgan County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62692	1.54%	1.67%	1.87%	1.87%	1.87%

Source: Ownwell

Property Tax Assessment Values Across Waverly, Morgan County, Illinois

When examining property taxes in Waverly, 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 Morgan 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 Morgan 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 Waverly. For example, the median home price in Waverly is $39,180, with tax bills ranging significantly across the county. 62692 has the highest median home price at $39,180.

Property Tax Assessment Values Across Waverly, Morgan County, Illinois

Source: Ownwell

$38,760

$55,440

$72,120

Median Waverly Market Value

$39,180

Median Morgan County Market Value

$54,570

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Waverly, Morgan County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62692	$5,700	$18,098	$39,180	$61,770	$91,011

Source: Ownwell

Property Tax Bills Across Waverly, Morgan County, Illinois

In Waverly, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the property's market value. In Morgan County, the property tax bill for a median-priced home of $39,180 can range from $339 to $1,705, depending on various factors such as location and local tax rates. This is notably lower than the national median property tax bill of $2,400, offering some relief to homeowners. However, even within the same ZIP code, tax bills can vary significantly, affecting homeowners' financial planning. Ownwell provides expert property tax appeal and exemption services to help homeowners potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists in filing appeals, ensuring homeowners are not overpaying. This service can lead to significant savings, offering peace of mind and financial relief to property owners in Waverly.

Property Tax Bills Across Waverly, Morgan County, Illinois

Source: Ownwell

$523

$1,215

$1,907

Median Waverly Tax Bill

$523

Median Morgan County Tax Bill

$1,473

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Waverly, Morgan County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62692	$107	$339	$523	$1,157	$1,705

Source: Ownwell