Marissa, Illinois Property Taxes
The median property tax rate in Marissa, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marissa at $67,784, the typical annual property tax bill reaches $1,541, exceeding the national median of $2,690. Property taxes in Marissa 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 Marissa'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 Marissa 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
Marissa, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Marissa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marissa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marissa 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 Marissa, Illinois
Property taxes in Marissa, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marissa is 2.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marissa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marissa 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 Marissa's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62257 in Marissa has both the highest and lowest median property tax rate of 2.55%. Understanding how these figures compare with other regions provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marissa Tax Rate
2.55%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marissa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62257 | 1.41% | 2.04% | 2.55% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Marissa, Illinois
In Marissa, 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 St. Clair 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 Marissa, 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. For instance, the median tax bill for the zip code 62257 is $1,541. Being aware of these valuation processes in Marissa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marissa Assessed Value
$67,784
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marissa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62257 | $14,995 | $45,584 | $67,784 | $96,604 | $137,576 |
Source: Ownwell
Property Tax Bills Across Marissa, Illinois
In Marissa, located in St. Clair 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 local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the home’s market value, local tax rates, and any applicable exemptions. For example, the median home price in Marissa is $67,784. Homeowners in the 25th percentile of tax bills pay around $841 annually, while those in the 75th percentile face bills of approximately $2,330. At the 90th percentile, tax bills can reach $3,511. These figures highlight the variability in property tax bills, which can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Marissa's tax rates can result in higher or lower bills depending on the specific assessed values and exemptions applied. This system ensures that property taxes are proportionate to the value of the property, aiming for a fair distribution of the tax burden among homeowners.
Average Marissa Tax Bill
$1,541
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marissa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62257 | $336 | $841 | $1,541 | $2,330 | $3,511 |
Source: Ownwell