Mount Erie, Illinois Property Taxes
The median property tax rate in Mount Erie, IL is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Erie at $65,040, the typical annual property tax bill reaches $1,350, which is below the national median of $2,690. Property taxes in Mount Erie 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 Mount Erie'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 Mount Erie or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Erie, 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 Mount Erie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Erie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Erie 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 Mount Erie, Illinois
Property taxes in Mount Erie, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Erie is 1.99%, higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Erie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Erie 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 Mount Erie's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62446 zip code has the highest median property tax rate of 1.99%, while the 62446 zip code has the lowest median tax rate of 1.99%. Understanding how these cities compare with Mount Erie provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Erie Tax Rate
1.99%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62446 | 0.73% | 1.50% | 1.99% | 2.27% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Mount Erie, Illinois
In Mount Erie, 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 Wayne County 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. In Mount Erie, 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 Mount Erie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mount Erie is $1,350, while the lowest is also $1,350, both in the zip code 62446. This reflects the tight range of property tax burdens in the area, offering homeowners a clear perspective on their potential liabilities.
Average Mount Erie Assessed Value
$65,040
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62446 | $8,241 | $23,559 | $65,040 | $108,909 | $222,834 |
Source: Ownwell
Property Tax Bills Across Mount Erie, Illinois
In Mount Erie, located in Wayne County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners, the median home price is $65,040. The assessed value is then multiplied by the local tax rate to determine the tax bill. In this region, property tax rates and bills vary significantly. For instance, the 25th percentile tax bill is $421, while the 75th percentile tax bill reaches $2,518, and the 90th percentile tax bill can go up to $5,148. These tax bills impact homeowners differently depending on their property's value and the local tax rate. Compared to the national median property tax rate of 0.99%, the tax burden in Mount Erie can be quite variable. Homeowners in this area must consider these factors when budgeting for annual expenses, as property taxes can represent a significant portion of their financial obligations. Understanding how these elements interact is crucial for effective financial planning and property investment in Mount Erie.
Average Mount Erie Tax Bill
$1,350
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62446 | $219 | $421 | $1,350 | $2,518 | $5,148 |
Source: Ownwell