Magnolia, Putnam County, Illinois Property Taxes

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

Median Magnolia, IL effective property tax rate: 2.53%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Magnolia, IL home value: $124,462
Median annual Magnolia, IL tax bill: $3,204, $804 higher than the national median property tax bill of $2,400.

How are property taxes in Putnam County calculated?

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

Last Updated March 1, 2025

Magnolia, Putnam County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.53%

Estimate Property Tax Bill

$3,149

$2,922

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

Property Tax Rates Across Magnolia, Putnam County, Illinois

Local government entities are responsible for setting tax rates, leading to significant variations across a state. Each year, counties estimate the budget required to provide necessary services and divide this by the total assessed value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Although votes and regulations play a role in setting these rates and budgets, this is essentially the annual process.

In Magnolia, located in Putnam County, Illinois, the effective property tax rate is 2.53%, which is notably higher than both the state and national medians. The median property tax rate in Illinois is 2.53%, while the national median stands at 1.02%. This places Magnolia at the higher end of the spectrum compared to other cities in Illinois and across the U.S. Consequently, property owners in Magnolia face a higher tax burden, influencing their overall cost of living. Understanding these rates is crucial for property owners aiming to manage their expenses effectively. By comparing Magnolia's tax rates to state and national figures, property owners can make informed decisions about property investments and financial planning.

Property Tax Rates Across Magnolia, Putnam County, Illinois

Source: Ownwell

2.25%

2.43%

2.61%

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 Magnolia Taxx Rate

2.53%

Median Effective Putnam County Taxx Rate

2.42%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Magnolia, Putnam County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61336	1.74%	2.21%	2.53%	2.61%	2.69%

Source: Ownwell

Property Tax Assessment Values Across Magnolia, Putnam County, Illinois

When examining property taxes in Magnolia, 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 Putnam 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 Putnam County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Magnolia. For example, the median home price in Magnolia is $124,462, with tax bills ranging significantly across the county. Zip code 61336 has the highest median home price at $124,462.

Property Tax Assessment Values Across Magnolia, Putnam County, Illinois

Source: Ownwell

$63,051

$113,030

$163,008

Median Magnolia Market Value

$124,462

Median Putnam County Market Value

$129,800

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Magnolia, Putnam County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61336	$19,390	$76,075	$124,462	$199,254	$292,193

Source: Ownwell

Property Tax Bills Across Magnolia, Putnam County, Illinois

In Magnolia, Putnam County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median home price in this area is $124,462, with a median property tax bill of $3,204. This figure is significantly higher than the national median property tax bill of $2,400, reflecting the variability in tax burdens across different regions. Homeowners in Magnolia may find their tax bills influenced by factors such as property size, location, and improvements, which can lead to a tax bill ranging from the 25th percentile at $2,110 to the 90th percentile at $7,349. High property taxes can strain homeowners' budgets, making it crucial to ensure assessments are accurate. Ownwell can help homeowners reduce their property tax bills by providing expert guidance on appealing assessments and securing exemptions. By leveraging our expertise, homeowners can potentially lower their tax burden and achieve significant savings, ensuring they pay only what is fair and necessary.

Property Tax Bills Across Magnolia, Putnam County, Illinois

Source: Ownwell

$1,976

$2,955

$3,933

Median Magnolia Tax Bill

$3,204

Median Putnam County Tax Bill

$3,342

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Magnolia, Putnam County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61336	$1,295	$2,110	$3,204	$5,944	$7,349

Source: Ownwell