Machesney Park, Illinois Property Taxes
The median property tax rate in Machesney Park, IL is 2.62%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Machesney Park, the typical annual property tax bill reaches $3,146, exceeding the national median of $2,690. Property taxes in Machesney Park 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 Machesney Park'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 Machesney Park 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
Machesney Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$3,361
$3,119
Ownwell’s Machesney Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Machesney Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Machesney Park 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 Machesney Park, Illinois
Property taxes in Machesney Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Machesney Park is 2.62%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Machesney Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Machesney Park 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 Machesney Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61101 zip code has the highest median property tax rate of 3.02%, while the ACHES zip code has the lowest median tax rate of 2.34%. Understanding how these cities compare with Machesney Park provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Machesney Park Tax Rate
2.62%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Machesney Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61101 | 3.02% | 3.02% | 3.02% | 3.02% | 3.02% |
| 61103 | 2.32% | 2.56% | 2.68% | 2.87% | 2.87% |
| 61108 | 2.96% | 2.96% | 2.96% | 2.96% | 2.96% |
| 61111 | N/A | N/A | N/A | N/A | N/A |
| 61115 | 1.60% | 2.35% | 2.62% | 2.84% | 3.13% |
| ACHES | 2.34% | 2.34% | 2.34% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Machesney Park, Illinois
In Machesney Park, 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 Winnebago 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 Machesney Park, 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. For instance, in the 61108 zip code, the highest median tax bill is $5,246, while the lowest median tax bill in the 61101 zip code is $192. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Machesney Park Assessed Value
$128,280
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Machesney Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61101 | $6,363 | $6,363 | $6,363 | $6,363 | $6,363 |
| 61103 | $3,372 | $6,492 | $196,551 | $313,334 | $444,488 |
| 61108 | $176,525 | $176,816 | $177,302 | $177,787 | $178,078 |
| 61111 | N/A | N/A | N/A | N/A | N/A |
| 61115 | $72,579 | $93,916 | $127,624 | $164,798 | $201,873 |
| ACHES | $126,339 | $126,339 | $126,339 | $126,339 | $126,339 |
Source: Ownwell
Property Tax Bills Across Machesney Park, Illinois
In Machesney Park, located in Winnebago County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local government determines this assessed value, and it serves as the foundation for calculating the tax bill. Various factors influence this valuation, including the property's location, size, and any improvements made. Homeowners in Machesney Park experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $2,111, while the 75th percentile rises to $4,425. At the higher end, the 90th percentile tax bill reaches $5,631. These figures highlight the range of tax obligations residents might face based on their property's assessed value and other contributing factors. Compared to the national median property tax rate of 0.99%, the property taxes in this region can be quite substantial, potentially impacting homeowners' budgets and financial planning. Homeowners in areas with higher assessed values, such as the zip code 61108, may see median tax bills as high as $5,246, whereas those in zip code 61101 might experience significantly lower bills, with a median of just $192.
Average Machesney Park Tax Bill
$3,146
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Machesney Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61101 | $192 | $192 | $192 | $192 | $192 |
| 61103 | $97 | $138 | $4,718 | $7,378 | $11,857 |
| 61108 | $5,220 | $5,230 | $5,246 | $5,262 | $5,272 |
| 61111 | N/A | N/A | N/A | N/A | N/A |
| 61115 | $1,302 | $2,120 | $3,132 | $4,392 | $5,575 |
| ACHES | $2,957 | $2,957 | $2,957 | $2,957 | $2,957 |
Source: Ownwell