Average Tax Assessment in Mercer County
Real Estate Values and Property Tax Valuation in Mercer County, Illinois
Mercer County has 1,908 properties with a cumulative value of $309.5M, representing 0.04% of all real estate value in Illinois. Property taxes in Mercer County totaled $8.4M, with an average property tax rate of 2.71%, higher than the state average of 2.47%. The average homeowner in Mercer County pays $4,402 in property taxes, lower than the state average of $5,405. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Mercer Board of Taxation | (609) 989-6707 |
| Mercer Assessor | (304) 487-8397 |
| Mercer County Clerk | (859) 734-6313 |
| Mercer Equalization Office | (701) 745-3294 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Mercer County
Residential Property Taxes by Cities in Mercer County
Mercer County has an average property tax rate of 2.71%, which is slightly lower than the national average of 2.79%. This rate is applied to all properties in the county, regardless of location. However, the effective property tax rate can vary significantly across the cities in Mercer County. Aledo has the highest effective property tax rate of 2.79%, while other cities such as Joy and Viola have lower rates of 2.67% and 2.63%, respectively.
Overall, Mercer County has a relatively low property tax rate compared to other counties in the state. This makes it an attractive option for those looking to purchase a home in the area. However, it is important to note that the effective property tax rate can vary significantly across cities, so it is important to research the rates in the area before making a purchase.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Mercer County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aledo | $37,187 | $74,471 | $126,174 | $219,111 | $345,468 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Mercer County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aledo | $884 | $1,907 | $3,591 | $6,301 | $9,566 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aledo | 2.38% | 2.56% | 2.85% | 2.88% | 2.77% |
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Real Estate Values in Mercer County
The data from Redfin shows that the median home price in Mercer County, Illinois decreased by 19.34% from October 2022 to October 2023. This indicates that the housing market in Mercer County has cooled off in the past year. Additionally, the home inventory in Mercer County increased by 65% from October 2022 to October 2023, suggesting that there is more supply in the market than there was a year ago. This could be contributing to the decrease in home prices.
Average Home Value in Mercer County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Mercer County
Last updated: November 2023
Percent Change in New Home Listings in Mercer County
Last updated: November 2023
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Mortgage Rates in Mercer County
Mercer County has no outstanding loans for home mortgages. This is likely due to the fact that the median home value in the county is relatively low compared to other areas in the state. Despite the lack of outstanding loans, there is still a wide variation in mortgage rates across the county. The city with the highest median mortgage rate is , while the city with the lowest median mortgage rate is . This indicates that there is a significant difference in the cost of borrowing money for a home in Mercer County.
Overall, the total outstanding loan amount for home mortgages in Mercer County is zero. This is likely due to the lower median home value in the county compared to other areas in the state. Despite this, there is still a wide variation in mortgage rates across the county, with the highest median rate being in one city and the lowest median rate being in another. This indicates that there is a significant difference in the cost of borrowing money for a home in Mercer County.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Mercer County by city.
We currently do not have this data but we are working to add this soon.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Mercer County.
We currently do not have this data but we are working to add this soon.
Housing Expenses in Mercer County, Illinois
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