Tennessee, Mcdonough County, Illinois Property Taxes

Name: Property Tax Bills Across Tennessee, Mcdonough County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Tennessee, Illinois effective property tax rate: 2.93%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Tennessee, Illinois home value: $21,250
Median annual Tennessee, Illinois tax bill: $621, $1,779 lower than the national median property tax bill of $2,400.

How are property taxes in McDonough calculated?

Property taxes in Tennessee, Illinois are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Tennessee’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Tennessee, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Tennessee, Mcdonough County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.93%

Estimate Property Tax Bill

$623

$578

Ownwell’s Tennessee Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tennessee with just two data points. By entering your property's estimated assessed value, our calculator applies Tennessee’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McDonough County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Tennessee, Mcdonough County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because each county estimates its required budget annually to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.

In Tennessee, located in McDonough County, the effective property tax rate stands at 2.93%, significantly higher than the national median property tax rate of 1.02%. This means homeowners in Tennessee face a higher tax burden compared to many other parts of the country. The median property tax bill in Tennessee reflects this higher rate, surpassing the national median of $2,400.

By comparing Tennessee’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S., homeowners can better understand their local tax landscape. Understanding these differences can help homeowners make informed decisions about property investments and financial planning.

Property Tax Rates Across Tennessee, Mcdonough County, Illinois

Source: Ownwell

3.00%

3.47%

3.94%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Tennessee Tax Rate

2.93%

Median Effective Mcdonough County Tax Rate

3.94%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Tennessee, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62374	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Tennessee, Mcdonough County, Illinois

When examining property taxes in Tennessee, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McDonough County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In McDonough County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Tennessee. For example, the median home price in Tennessee is $21,250, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Tennessee, Mcdonough County, Illinois

Source: Ownwell

$21,498

$30,804

$40,110

Median Tennessee Market Value

$21,250

Median Mcdonough County Market Value

$39,024

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Tennessee, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62374	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Tennessee, Mcdonough County, Illinois

In Tennessee, located in McDonough County, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the property's market value. Homeowners in Tennessee face a median property tax bill of $621, which is significantly lower than the national median property tax bill of $2400. This makes property taxes in Tennessee relatively affordable compared to other regions.

Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Property taxes can impact homeowners by affecting their monthly housing costs and overall financial planning.

Ownwell can assist homeowners in Tennessee by identifying potential savings on their property tax bills. Through a detailed analysis of the property's assessed value and comparison with similar properties, Ownwell can uncover discrepancies and file appeals on behalf of the homeowner. This service can lead to reduced property tax bills, providing financial relief and ensuring homeowners only pay their fair share.

Property Tax Bills Across Tennessee, Mcdonough County, Illinois

Source: Ownwell

$744

$1,146

$1,547

Median Tennessee Tax Bill

$621

Median Mcdonough County Tax Bill

$1,464

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Tennessee, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62374	N/A	N/A	N/A	N/A	N/A

Source: Ownwell