Mark, Illinois Property Taxes
The median property tax rate in MARK, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in MARK, the typical annual property tax bill reaches $1,976, which is below the national median of $2,690. Property taxes in MARK 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 MARK'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 MARK 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
Mark, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$1,501
$1,466
Ownwell’s MARK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MARK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MARK 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 Mark, Illinois
Property taxes in MARK, Illinois, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in MARK is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within MARK set these rates annually, and they can vary significantly across different neighborhoods. Each year, MARK 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 MARK's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61340 zip code has the highest median property tax rate of 2.38%, while the 61340 zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with MARK provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mark Tax Rate
2.38%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mark, 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, Illinois
In MARK, 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 Putnam 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 MARK, 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. For instance, the zip code 61340 has the highest and lowest median tax bill, both at $1,976. 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 MARK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mark Assessed Value
$63,051
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mark, 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, Illinois
In MARK, located in Putnam County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in this area stands at $63,051. Local tax authorities then apply the relevant tax rate to this assessed value to determine the tax bill. Various factors come into play, including the specific tax rate set by the county and any applicable exemptions or deductions. Homeowners in MARK can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $1,143, while it rises to $2,607 at the 75th percentile. At the 90th percentile, the tax bill is $2,761. These figures illustrate the range of property tax burdens homeowners might face, depending on their property's assessed value and applicable tax rates. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how MARK's property taxes align with broader trends.
Average Mark Tax Bill
$1,976
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mark, 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