Marion, Illinois Property Taxes
The median property tax rate in Marion, IL is 2.24%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marion, the typical annual property tax bill reaches $2,115, falling below the national median of $2,690. Property taxes in Marion 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 Marion'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 Marion 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
Marion, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$2,320
$2,153
Ownwell’s Marion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Illinois
Property taxes in Marion, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 2.24%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62959 has the highest median property tax rate of 2.24%, while the lowest median tax rate is also 2.24%. Understanding how these cities compare with Marion 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 Marion Tax Rate
2.24%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62959 | 1.43% | 1.89% | 2.24% | 2.47% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Illinois
In Marion, 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 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 Marion, 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. The median home price in Marion is $103,590, with tax bills ranging from $1,154 at the 25th percentile to $5,912 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 62959, with a median tax bill of $2,115. By understanding 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marion Assessed Value
$103,590
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 Marion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62959 | $30,333 | $59,160 | $103,590 | $176,730 | $256,707 |
Source: Ownwell
Property Tax Bills Across Marion, Illinois
In Marion, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Williamson County Assessor. This assessed value typically represents a percentage of the property's market value. The property tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Marion, the median home price is $103,590. Several factors influence the final tax bill, including the property's location within specific taxing districts, local government budgets, and any applicable exemptions or deductions. For example, the tax bill at the 25th percentile is $1,154, while at the 75th percentile, it reaches $3,868. At the 90th percentile, homeowners can expect a tax bill of $5,912. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Marion's property taxes can vary significantly, reflecting the unique economic and administrative factors of the region.
Average Marion Tax Bill
$2,115
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62959 | $532 | $1,154 | $2,115 | $3,868 | $5,912 |
Source: Ownwell