Macon, Illinois Property Taxes
The median property tax rate in Macon, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Macon at $85,185, the typical annual property tax bill reaches $1,746, which is below the national median of $2,690. Property taxes in Macon 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 Macon'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 Macon or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Macon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$1,746
$1,621
Ownwell’s Macon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macon 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 Macon, Illinois
Property taxes in Macon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macon is 2.05%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Macon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macon 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 Macon's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in Macon County is 2.05% in the 62544 zip code, while the lowest median tax rate is also 2.05% in the same zip code. Understanding how these cities compare with Macon provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macon Tax Rate
2.05%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62544 | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Macon, Illinois
In Macon, 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 local 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 Macon, 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 Macon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62544, both at $1746.
Average Macon Assessed Value
$85,185
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62544 | $85,185 | $85,185 | $85,185 | $85,185 | $85,185 |
Source: Ownwell
Property Tax Bills Across Macon, Illinois
In Macon, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the home's market value, assessment ratio, and the specific tax rate set by local authorities. For homeowners in Macon, the median home price stands at $85,185. The property tax rate in this region results in a median tax bill of $1,746, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can have substantial implications for homeowners, affecting their overall cost of living and potentially influencing their financial decisions regarding homeownership. Additionally, the consistency in tax bills across various percentiles indicates a stable tax environment, which can be beneficial for long-term financial planning. By understanding these factors, homeowners can better anticipate their property tax obligations and manage their finances accordingly.
Average Macon Tax Bill
$1,746
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Macon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62544 | $1,746 | $1,746 | $1,746 | $1,746 | $1,746 |
Source: Ownwell