Mackinaw, Tazewell County, Illinois Property Taxes
Median MACKINAW, IL effective property tax rate: 2.41%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median MACKINAW, IL home value: $167,550
Median annual MACKINAW, IL tax bill: $4,022, $1,622 higher than the national median property tax bill of $2,400.
How are property taxes in Tazewell calculated?
Property taxes in MACKINAW, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding MACKINAW’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in MACKINAW, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Mackinaw, Tazewell County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.41%
Estimate Property Tax Bill
$4,038
$3,747
Property Tax Rates Across Mackinaw, Tazewell County, Illinois
Local government entities set tax rates, which can vary widely within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.
In Mackinaw, located in Tazewell County, Illinois, the effective property tax rate is a crucial factor for property owners. The median property tax rate in Illinois is 2.41%, which is significantly higher than the national median of 1.02%. This means that property owners in Mackinaw face a higher tax burden compared to many other parts of the country. For those considering property investments or ownership in Mackinaw, understanding this rate is essential for financial planning. Comparing Mackinaw’s effective property tax rate to other cities in Illinois and the median property tax rates in the U.S. can provide valuable insights for potential homeowners or investors.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Mackinaw Tax Rate
2.41%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Tazewell County Tax Rate
2.46%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Mackinaw, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61755 | 1.97% | 2.22% | 2.41% | 2.59% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Mackinaw, Tazewell County, Illinois
When examining property taxes in Mackinaw, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tazewell County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Tazewell County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Mackinaw. For example, the median home price in Mackinaw is $167,550, with tax bills ranging significantly across the county. 61755 has the highest median home price at $167,550.
Property Tax Assessment Values Across Mackinaw, Tazewell County, Illinois
Source: Ownwell
$67,290
$196,785
$326,280
Median Mackinaw Market Value
$167,550
Median Tazewell County Market Value
$127,050
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Mackinaw, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61755 | $81,690 | $120,750 | $167,550 | $210,480 | $265,410 |
Source: Ownwell
Property Tax Bills Across Mackinaw, Tazewell County, Illinois
Property tax bills in Mackinaw, Tazewell County, IL, are determined based on the assessed value of a property, which is a percentage of its market value. In this region, homeowners experience a median property tax bill of $4,022, significantly higher than the national median of $2,400. This high tax bill reflects the area's tax rate and the assessed values of homes. Factors such as local government budgets, school funding needs, and public services contribute to the determination of the tax rate, impacting homeowners' annual bills.
For homeowners in Mackinaw, these property tax bills can represent a substantial financial burden. However, Ownwell offers a solution by providing expert property tax appeal and exemption services. By analyzing local market trends and property assessments, Ownwell identifies opportunities for homeowners to reduce their tax liabilities. This service can result in significant savings, easing the financial strain on homeowners and ensuring they only pay their fair share. With Ownwell's assistance, navigating the complexities of property tax laws becomes more manageable and financially beneficial.
Median Mackinaw Tax Bill
$4,022
Median Tazewell County Tax Bill
$3,118
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Mackinaw, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61755 | $1,751 | $2,763 | $4,022 | $5,151 | $6,377 |
Source: Ownwell