Mark, Putnam County, Illinois Property Taxes
Median MARK, IL effective property tax rate: 2.38%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median MARK, IL home value: $63,051
Median annual MARK, IL tax bill: $1,976, $424 lower than the national median property tax bill of $2,400.
How are property taxes in Putnam calculated?
Property taxes in MARK, 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 MARK’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in MARK, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Mark, Putnam County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.38%
Estimate Property Tax Bill
$1,501
$1,393
Property Tax Rates Across Mark, Putnam County, Illinois
Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget to provide services and dividing that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.
In MARK, located in Putnam County, Illinois, the effective property tax rate stands out when compared to other cities within the state. Illinois has a median property tax rate of 2.38%, which is significantly higher than the national median of 1.02%. This means homeowners in MARK and the surrounding areas may face higher property tax bills compared to the national average. With the national median property tax bill at $2,400, residents in MARK could see substantially different figures due to the local rates. Understanding these differences is crucial for property owners seeking to manage their tax liabilities effectively.
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 Mark Taxx Rate
2.38%
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 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 Mark, Putnam County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61340 | 2.38% | 2.38% | 2.38% | 2.38% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Mark, Putnam County, Illinois
When examining property taxes in Mark, Illinois, 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 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 Mark.
For example, the median home price in Mark is $63,051, with tax bills ranging significantly across the county. Zip code 61340 has the highest median home price at $63,051.
Property Tax Assessment Values Across Mark, Putnam County, Illinois
Source: Ownwell
$63,051
$113,030
$163,008
Median Mark Market Value
$63,051
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 Mark, Putnam County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61340 | $28,627 | $46,801 | $63,051 | $108,007 | $117,046 |
Source: Ownwell
Property Tax Bills Across Mark, Putnam County, Illinois
In the city of Mark in Putnam County, Illinois, property tax bills are calculated based on the assessed value of a property. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence this assessed value, including the property's market value, location, and any improvements made. Homeowners in Mark face a median property tax bill of $1,976, which is below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile paying around $1,143 and those at the 90th percentile facing bills as high as $2,761. These variations can affect homeowners' financial planning and budgeting.
Ownwell can assist homeowners in Mark by offering expert property tax appeal services, potentially reducing their tax burden. By analyzing property assessments and identifying discrepancies, Ownwell helps ensure that homeowners are not overpaying on their property taxes. This service can lead to significant savings, providing peace of mind and financial relief for property owners in the region.
Median Mark Tax Bill
$1,976
Median Putnam County Tax Bill
$3,342
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Mark, Putnam County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61340 | $468 | $1,143 | $1,976 | $2,607 | $2,761 |
Source: Ownwell