Waverly, Morgan County, Illinois Property Taxes
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
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.87%
Estimate Property Tax Bill
$733
$680
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.
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%
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 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
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