Mc Connell, Illinois Property Taxes
The median property tax rate in MC CONNELL, IL is 2.44%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in MC CONNELL at $151,884, the typical annual property tax bill reaches $2,940, exceeding the national median of $2,690. Property taxes in MC CONNELL 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 MC CONNELL'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 MC CONNELL 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
Mc Connell, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$3,706
$3,439
Ownwell’s MC CONNELL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC CONNELL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC CONNELL 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 Mc Connell, Illinois
Property taxes in McConnell, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McConnell is 2.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within McConnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, McConnell 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 McConnell's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61050 has the highest median property tax rate of 2.44%, while the lowest median tax rate in the same zip code is also 2.44%. Understanding how these cities compare with McConnell provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Connell Tax Rate
2.44%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Connell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61050 | 1.99% | 2.16% | 2.44% | 2.72% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Mc Connell, Illinois
In MC CONNELL, 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. 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 MC CONNELL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In MC CONNELL, the highest median tax bill is $2940 in zip code 61050, while the lowest median tax bill is also $2940 in the same zip code.
Average Mc Connell Assessed Value
$151,884
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Connell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61050 | $43,781 | $84,320 | $151,884 | $219,448 | $259,987 |
Source: Ownwell
Property Tax Bills Across Mc Connell, Illinois
In McConnell, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the property's market value. For instance, with a median home price of $151,884, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,722, while those in the 75th percentile face bills closer to $4,159. The 90th percentile sees tax bills as high as $4,890. Several factors influence these tax bills, including the home's location, size, and condition. The local tax rate also plays a crucial role. In McConnell, the highest median tax bill is $2,940, which is notably higher than the national median property tax rate of 0.99%. This disparity can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Understanding these factors is essential for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Mc Connell Tax Bill
$2,940
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Connell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61050 | $990 | $1,722 | $2,940 | $4,159 | $4,890 |
Source: Ownwell