Marquette Heights, Illinois Property Taxes
The median property tax rate in Marquette Heights, IL, is 2.32%, slightly lower than the state median of 2.35% but significantly higher than the national median of 0.99%. With a median home value of $98,100, the typical annual property tax bill in Marquette Heights reaches $2,221, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding the intricacies of Marquette Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're located in the heart of Marquette Heights or its surrounding areas, gaining insight into the local property tax framework can provide significant financial benefits.
Last Updated June 14, 2024
Marquette Heights, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$2,276
$2,112
Ownwell’s Marquette Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marquette Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marquette Heights 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 Marquette Heights, Illinois
Property taxes in Marquette Heights, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marquette Heights is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marquette Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marquette Heights 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 Marquette Heights' effective property tax rate to other areas in Illinois and the national median. For comparison, the 61554 zip code has the highest median property tax rate of 2.32%, while the same 61554 zip code also has the lowest median tax rate of 2.32%. Understanding how these areas compare with Marquette Heights provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marquette Heights Tax Rate
2.32%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marquette Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | 1.74% | 2.15% | 2.32% | 2.47% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Marquette Heights, Illinois
In Marquette Heights, 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 Tazewell County Assessment Office 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 Marquette Heights, 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 Marquette Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,221, found in the 61554 zip code.
Property Tax Assessment Values Across Marquette Heights, Illinois
Source: Ownwell
$67,290
$196,785
$326,280
Average Marquette Heights Assessed Value
$98,100
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marquette Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $72,888 | $80,250 | $98,100 | $116,625 | $138,168 |
Source: Ownwell
Property Tax Bills Across Marquette Heights, Illinois
In Marquette Heights, Tazewell 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 median home price in Marquette Heights is $98,100. Property tax rates in this region can significantly impact homeowners, as evidenced by the range of tax bills. For instance, the tax bill at the 25th percentile is $1,751, while at the 75th percentile, it reaches $2,788, and at the 90th percentile, it climbs to $3,390. These tax bills are influenced by several factors, including the local tax rate and the assessed value of the property. In comparison, the national median property tax rate is 0.99%, which provides a benchmark to understand how Marquette Heights' rates stack up. Homeowners in this area need to be mindful of these factors, as they directly affect their annual financial obligations. The highest and lowest median tax bills in the region are both $2,221, occurring in the 61554 zip code, reflecting some consistency in tax assessments within specific areas.
Average Marquette Heights Tax Bill
$2,221
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marquette Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $1,392 | $1,751 | $2,221 | $2,788 | $3,390 |
Source: Ownwell