Meredosia, Illinois Property Taxes
The median property tax rate in Meredosia, IL is 1.11%, which is higher than the national median of 0.99% but significantly lower than the Illinois state median of 2.35%. With a median home value of $31,872, the typical annual property tax bill in Meredosia amounts to $353, well below the national median of $2,690. Property taxes in Meredosia are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Meredosia'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 Meredosia or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Meredosia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$354
$346
Ownwell’s Meredosia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meredosia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meredosia 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 Meredosia, Illinois
Property taxes in Meredosia, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meredosia is 1.11%, higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Meredosia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meredosia 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 Meredosia's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62665 zip code has the highest median property tax rate of 1.11%, while the 62665 zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Meredosia provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meredosia Tax Rate
1.11%
Average Scott County Tax Rate
2.41%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meredosia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62665 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Meredosia, Illinois
In Meredosia, 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 Scott 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 Meredosia, 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 Meredosia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Meredosia is $31,872, with the highest and lowest median tax bills both being $353 in the 62665 zip code.
Average Meredosia Assessed Value
$31,872
Average Scott County Assessed Value
$61,058
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meredosia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62665 | $31,872 | $31,872 | $31,872 | $31,872 | $31,872 |
Source: Ownwell
Property Tax Bills Across Meredosia, Illinois
In Meredosia, located in Scott County, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. In this region, property taxes are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Meredosia experience a consistent tax bill, with the 25th, 75th, and 90th percentiles all paying $353 annually. This uniformity in tax bills suggests a stable and predictable property tax environment for residents. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These elements collectively determine the final amount owed. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and overall housing costs. The relatively low and consistent tax bills in Meredosia can be a significant advantage for homeowners, providing financial predictability and potentially making the area more attractive for property investment.
Average Meredosia Tax Bill
$353
Average Scott County Tax Bill
$1,367
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Meredosia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62665 | $353 | $353 | $353 | $353 | $353 |
Source: Ownwell