Colchester, Mcdonough County, Illinois Property Taxes
Property Taxes in Colchester, Illinois
Median Colchester, Illinois effective property tax rate: 2.62%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Colchester, Illinois home value: $62,325
Median annual Colchester, Illinois tax bill: $1,514, $886 lower than the national median property tax bill of $2,400.
How are property taxes in McDonough calculated?
Property taxes in Colchester, 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 Colchester's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Colchester, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Colchester, Mcdonough County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.62%
Estimate Property Tax Bill
$1,633
$1,515
How Does the Colchester Property Tax Calculator Work?
Use this Colchester property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Colchester's median effective tax rate of 2.62% — based on actual property records in McDonough County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Colchester's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Colchester: rates range from 2.62% in 62326 to 2.62% in 62326, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Colchester.
About Colchester Property Taxes
About Property Taxes in Colchester, McDonough, Illinois
Colchester's median effective property tax rate of 2.62% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the McDonough County base levy combined with local school district levies and special service areas that vary by subdivision throughout the city.
Property tax rates are not uniform across Colchester. Homeowners in the 62326 ZIP code carry a median effective rate of 2.62%, while those in the same ZIP code also pay 2.62%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across McDonough County. Understanding which part of Colchester you live in can make a meaningful difference to your annual tax bill.
Colchester homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Colchester, Mcdonough County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget 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 there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Colchester's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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 Colchester Tax Rate
2.62%
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 Mcdonough County Tax Rate
2.96%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Colchester, Mcdonough County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62326 | 1.34% | 2.07% | 2.62% | 3.40% | 3.40% |
Source: Ownwell
Property Tax Assessment Values Across Colchester, Mcdonough County, Illinois
When examining property taxes in Colchester, 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 appraisal district 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 the month when notices are sent.
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 Colchester.
For example, the median home price in Colchester is $62,325, with tax bills ranging significantly across the county. 62326 has the highest median home price at $62,325.
Property Tax Assessment Values Across Colchester, Mcdonough County, Illinois
Source: Ownwell
$37,314
$69,338
$101,361
Median Colchester Market Value
$62,325
Median Mcdonough County Market Value
$74,048
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Colchester, Mcdonough County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62326 | $21,980 | $37,521 | $62,325 | $98,028 | $149,631 |
Source: Ownwell
Property Tax Bills Across Colchester, Mcdonough County, Illinois
Property tax bills in Colchester are based on the assessed value of a home and the local tax rate set by taxing authorities. For homeowners, the bill is determined by multiplying the assessed market value by the applicable rate, then adjusting for any exemptions or local levies that apply. Because assessed values and tax rates can change, the amount a homeowner owes can vary from year to year.
In Colchester, the median home price is $62,325, and property tax bills often reflect that relatively modest market value. The 25th percentile tax bill is $851, while the 75th percentile is $2,482 and the 90th percentile reaches $3,997. The median tax bill in ZIP code 62326 is $1,514. These figures show how property taxes can have a meaningful impact on household budgets, especially when a home’s assessed value rises or local rates increase.
Median Colchester Tax Bill
$1,514
Median Mcdonough County Tax Bill
$2,037
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Colchester, Mcdonough County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62326 | $395 | $851 | $1,514 | $2,482 | $3,997 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| McDonough Tax Assessor | |
| Website | mcdonoughil.devnetwedge.com |