Waverly, Illinois Property Taxes
The median property tax rate in Waverly, IL is 1.87%, considerably higher than the national median of 0.99%, but lower than the Illinois state median of 2.35%. With the median home value in Waverly at $39,180, the typical annual property tax bill reaches $523, which is significantly below the national median of $2,690. Property taxes in Waverly are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Waverly'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 Waverly or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waverly, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s WAVERLY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAVERLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAVERLY 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 Waverly, Illinois
Property taxes in Waverly, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 1.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62692 has both the highest and lowest median property tax rate of 1.87%. Understanding how these cities compare with Waverly 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 Waverly Tax Rate
1.87%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, 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, Illinois
In Waverly, 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. In Waverly, 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. Being aware of these valuation processes in Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $523.00, both found in the 62692 zip code.
Average Waverly Assessed Value
$39,180
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 Waverly, 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, Illinois
In Waverly, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, the median home price in Waverly is $39,180. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $339 and the 75th percentile reaching $1,157. Several factors influence these property tax bills, including the home's location within Morgan County, any applicable exemptions, and the specific tax rate set by local taxing authorities. The highest median tax bill in Waverly's ZIP code 62692 is $523, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure. For homeowners, understanding these elements can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Waverly Tax Bill
$523
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62692 | $107 | $339 | $523 | $1,157 | $1,705 |
Source: Ownwell