Mossville, Illinois Property Taxes
The median property tax rate in Mossville, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mossville, the typical annual property tax bill reaches $1,549, which is below the national median of $2,690. Property taxes in Mossville 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 Mossville'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 Mossville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mossville, 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 Mossville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mossville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mossville 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 Peoria County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mossville, Illinois
Property taxes in Mossville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mossville is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mossville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mossville 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 Mossville's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61552 has the highest median property tax rate of 2.25%, while the lowest median tax rate in the same zip code is also 2.25%. Understanding how these areas compare with Mossville provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mossville Tax Rate
2.25%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mossville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61552 | 1.48% | 1.94% | 2.25% | 2.69% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Mossville, Illinois
In Mossville, 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 Peoria County Assessor 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 Mossville, 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 Mossville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61552 in Mossville has the highest and lowest median tax bill, both at $1549.
Average Mossville Assessed Value
$74,295
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mossville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61552 | $9,231 | $47,602 | $74,295 | $98,580 | $114,423 |
Source: Ownwell
Property Tax Bills Across Mossville, Illinois
In Mossville, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. For instance, the median home price in Mossville is $74,295. Property owners are taxed at rates set by local taxing authorities, and these rates can vary significantly. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Mossville can expect their tax bills to vary widely. For example, the 25th percentile tax bill is $778, while the 75th percentile reaches $2,221, and the 90th percentile can be as high as $2,693. These variations highlight the impact of differing property values and tax rates within the area. Comparatively, the national median property tax rate is 0.99%, underscoring that Mossville's tax rates can be quite variable. Understanding these factors is crucial for homeowners as they directly influence the annual financial obligations associated with property ownership.
Average Mossville Tax Bill
$1,549
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mossville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61552 | $262 | $778 | $1,549 | $2,221 | $2,693 |
Source: Ownwell