Monroe Center, Illinois Property Taxes
The median property tax rate in Monroe Center, IL is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $157,960 in Monroe Center, the typical annual property tax bill reaches $3,724, exceeding the national median of $2,690. Property taxes in Monroe Center 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 Monroe Center'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 Monroe Center or another part of Ogle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe Center, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$3,838
$3,562
Ownwell’s Monroe Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe Center 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 Monroe Center, Illinois
Property taxes in Monroe Center, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe Center is 2.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Monroe Center set these rates annually, and they can vary across different neighborhoods. Each year, Monroe Center 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 Monroe Center's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61052 has the highest median property tax rate of 2.43%, while the same zip code also has the lowest median tax rate of 2.43%. Understanding how these areas compare with Monroe Center provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Center Tax Rate
2.43%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61052 | 1.96% | 2.27% | 2.43% | 2.57% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Monroe Center, Illinois
In Monroe Center, 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 Ogle County Assessor's Office 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 Monroe Center, 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 Monroe Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61052, both valued at $3,724.
Average Monroe Center Assessed Value
$157,960
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61052 | $87,851 | $112,072 | $157,960 | $215,414 | $303,032 |
Source: Ownwell
Property Tax Bills Across Monroe Center, Illinois
In Monroe Center, Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the tax bill. Factors such as the local tax rate, property exemptions, and the specific assessed value of the property all play a role in the final amount. For instance, with a median home price of $157,960, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,581, while the 75th percentile reaches $5,468, and the 90th percentile can go up to $7,909. These figures indicate a range of tax burdens depending on property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax implications in Monroe Center can significantly impact homeowners, influencing their financial planning and property investment decisions. The highest and lowest median tax bills in the area are both $3,724, reflecting a more uniform tax rate within the region.
Average Monroe Center Tax Bill
$3,724
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61052 | $1,910 | $2,581 | $3,724 | $5,468 | $7,909 |
Source: Ownwell