Makanda, Illinois Property Taxes
The median property tax rate in Makanda, 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 Makanda at $79,395, the typical annual property tax bill reaches $1,765, exceeding the national median of $2,690. Property taxes in Makanda 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 Makanda'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 Makanda or another part of Williamson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Makanda, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$1,937
$1,893
Ownwell’s Makanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Makanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Makanda 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 Makanda, Illinois
Property taxes in Makanda, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Makanda is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Makanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Makanda 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 Makanda's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62958 has both the highest and the lowest median property tax rate of 2.44%. Understanding how these areas compare with Makanda provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Makanda Tax Rate
2.44%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Makanda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62958 | 1.54% | 1.98% | 2.44% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Makanda, Illinois
In Makanda, 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 Williamson 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 Makanda, 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 Makanda 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 $1,765, found in zip code 62958.
Average Makanda Assessed Value
$79,395
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Makanda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62958 | $11,526 | $41,205 | $79,395 | $125,355 | $170,733 |
Source: Ownwell
Property Tax Bills Across Makanda, Illinois
In Makanda, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Factors such as property size, location, and the condition of the home play a significant role in determining this value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Williamson County, where Makanda is located, homeowners face varying property tax bills. For instance, the 25th percentile of tax bills is around $895, while the 75th percentile reaches up to $2,970. At the 90th percentile, homeowners may see tax bills as high as $4,146. The highest median tax bill recorded in the area is $1,765. These property taxes significantly impact homeowners, as they contribute to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and plan accordingly.
Average Makanda Tax Bill
$1,765
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Makanda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62958 | $332 | $895 | $1,765 | $2,970 | $4,146 |
Source: Ownwell