Marissa, Illinois Property Taxes
The median property tax rate in Marissa, IL is 2.19%, noticeably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marissa, the typical annual property tax bill reaches $401, which is significantly lower than the national median of $2,690. Property taxes in Marissa are calculated based on the 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 2.19%, significantly higher than both the Illinois state median of 2.16% 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 counties in Illinois and the national median. For comparison, the 62257 zip code has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these cities compare with Marissa provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marissa Tax Rate
2.19%
Average Washington County Tax Rate
2.25%
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 | 0.76% | 1.26% | 2.19% | 2.94% | 2.95% |
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 Washington 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. Being aware of these valuation processes in Marissa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Marissa is $401.00 in zip code 62257, reflecting the local property market's unique characteristics.
Average Marissa Assessed Value
$31,754
Average Washington County Assessed Value
$38,358
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 | $2,258 | $14,594 | $31,754 | $68,096 | $105,598 |
Source: Ownwell
Property Tax Bills Across Marissa, Illinois
Property tax bills in Marissa, Washington County, IL, are calculated based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. In Marissa, the median home price is $31,754, and the property tax rate is reflective of the local government's budget needs and public services funding. Homeowners in Marissa can expect a wide range of tax bills. For instance, the tax bill at the 25th percentile is $145, while at the 75th percentile, it is $1,164. At the 90th percentile, the tax bill can reach up to $4,043, showing significant variation based on property values and specific assessments. This variability can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Marissa's rates demonstrate how local factors and budgetary requirements can create a diverse tax landscape within a small geographic area.
Average Marissa Tax Bill
$401
Average Washington County Tax Bill
$660
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 | $65 | $145 | $401 | $1,164 | $4,043 |
Source: Ownwell