Prairie City, Mcdonough County, Illinois Property Taxes

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

Median Prairie City, IL effective property tax rate: 2.94%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Prairie City, IL home value: $23,055
Median annual Prairie City, IL tax bill: $677, $1,723 lower than the national median property tax bill of $2,400.

How are property taxes in McDonough calculated?

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

Last Updated March 1, 2025

Prairie City, Mcdonough County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.39%

Estimate Property Tax Bill

$914

$848

Ownwell’s Prairie City Property Tax Bill Calculator offers a seamless way for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prairie City using just two data points. By inputting your property's estimated assessed value, our calculator utilizes Prairie City’s median effective tax rate to provide an accurate estimate of your property tax bill. It's important to note that your property's assessed value, determined by your county, accounts for any exemptions you may have, ensuring a precise calculation for your property tax obligations. This valuable tool not only helps you understand potential tax liabilities but also demonstrates how Ownwell can assist in reducing property taxes in 17109. For those eager to delve deeper into localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Prairie City, Mcdonough County, Illinois

Local government entities set tax rates, which can vary widely within a state. 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.

In Prairie City in McDonough County, IL, the effective property tax rate is 2.94%, significantly higher than the national median of 1.02%. This means homeowners in Prairie City may pay more in property taxes compared to many other places across the country. When compared to the national median property tax bill of $2400, the higher rate in Prairie City could lead to a larger financial commitment for property owners. This underscores the importance of understanding local tax rates and how they can impact overall property expenses. By being aware of these differences, property owners can make informed decisions about their investments and manage their budgets more effectively.

Property Tax Rates Across Prairie City, Mcdonough County, Illinois

Source: Ownwell

1.70%

2.45%

3.19%

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 Prairie City Tax Rate

2.39%

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 Prairie City, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61470	0.82%	1.45%	2.39%	3.00%	3.00%

Source: Ownwell

Property Tax Assessment Values Across Prairie City, Mcdonough County, Illinois

When examining property taxes in Prairie City, IL, 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.

In McDonough County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Prairie City.

For example, the median home price in Prairie City is $23,055, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Prairie City, Mcdonough County, Illinois

Source: Ownwell

$37,314

$69,338

$101,361

Median Prairie City Market Value

$38,229

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 Prairie City, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61470	$11,568	$21,940	$38,229	$59,703	$93,414

Source: Ownwell

Property Tax Bills Across Prairie City, Mcdonough County, Illinois

In Prairie City, McDonough County, IL, property tax bills are determined by assessing the value of a home and applying the county's tax rate to this assessed value. The median home price in Prairie City is $23,055, which significantly influences the tax bill amount. Homeowners receive a tax bill based on this assessment, with the 25th percentile paying around $127 and the 75th percentile paying approximately $927. The 90th percentile tax bill can reach up to $1,957, which is below the national median property tax bill of $2,400. Various factors, such as changes in property value and local government budgets, can impact these amounts. For homeowners, this translates into varying financial responsibilities depending on their property's assessed value. Ownwell assists homeowners by offering property tax appeal and exemption services. By analyzing the assessed value and comparing it with market trends, Ownwell can identify opportunities for reducing tax liabilities, potentially saving homeowners a significant amount on their property tax bills.

Property Tax Bills Across Prairie City, Mcdonough County, Illinois

Source: Ownwell

$602

$1,660

$2,717

Median Prairie City Tax Bill

$737

Median Mcdonough County Tax Bill

$2,037

Median Illinois Tax Bill

$5,277

Median United States Tax Bill

$2,400

Property Tax Bills Across Prairie City, Mcdonough County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61470	$169	$357	$737	$1,248	$2,266

Source: Ownwell