Average Tax Assessment in Montgomery County
Real Estate Values and Property Tax Valuation in Montgomery County, Illinois
Montgomery County has a total of 2,091 properties with a cumulative value of $254.4M. This represents 0.04% of all real estate value in Illinois. Property taxes in Montgomery County totaled $6.0M, with an average of $2,888 paid by homeowners, which is lower than the state average of $5,405. The average property tax rate in Montgomery County is 2.36%, which is lower than the state average of 2.47%. Property taxes are based on the assessed value of the property, which is determined by the local assessor.
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 | |
|---|---|
| Montgomery Appraisal District | (936) 756-3354 |
| Montgomery Clerk | (936) 539-7885 |
| TexasFile Clerk Records | - |
| Montgomery Assessor | (931) 648-5709 |
| 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 Montgomery County
Residential Property Taxes by Cities in Montgomery County
Montgomery County has an average property tax rate of 2.36%, which is slightly lower than the national average of 2.48%. This rate is applied to the assessed value of a property to determine the amount of taxes due. Property taxes in Montgomery County are collected by the county government and are used to fund public services such as schools, roads, and public safety.
The effective property tax rate in Montgomery County varies across cities. The city with the highest effective property tax rate is Litchfield, at 2.35%, while the city with the lowest effective property tax rate is Hillsboro, at 2.29%. This difference in rates can result in a significant difference in the amount of taxes due for a property, depending on where it is located.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Montgomery 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 |
|---|---|---|---|---|---|
| Hillsboro | $24,255 | $55,748 | $103,170 | $156,532 | $205,700 |
| Litchfield | $26,508 | $54,510 | $110,640 | $171,945 | $233,220 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Montgomery County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hillsboro | $564 | $1,165 | $2,168 | $3,613 | $5,061 |
| Litchfield | $519 | $1,231 | $2,431 | $3,987 | $5,646 |
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 |
|---|---|---|---|---|---|
| Hillsboro | 2.33% | 2.09% | 2.10% | 2.31% | 2.46% |
| Litchfield | 1.96% | 2.26% | 2.20% | 2.32% | 2.42% |
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Real Estate Values in Montgomery County
The median home price in Montgomery County, Illinois has decreased by 6.88% from October 2022 to October 2023, from $203.5K to $171.0K. The home inventory in the county has also increased slightly, from 70 in October 2022 to 71 in October 2023. This suggests that the housing market in Montgomery County is cooling off, with fewer buyers and more homes available for sale.
Average Home Value in Montgomery County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Montgomery County
Last updated: November 2023
Percent Change in New Home Listings in Montgomery County
Last updated: November 2023
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Mortgage Rates in Montgomery County
Mortgages in Montgomery County are a major source of financing for homeowners. According to recent statistics, there is a total of $45.6 million in outstanding loan amounts across home mortgages in the county. This represents 314 outstanding loans, which is a significant portion of the total home value in the area. The median mortgage rate in Montgomery County varies across cities, with Hillsboro having the highest rate of 4.12%, and Litchfield having the lowest rate of 3.99%. This variation in rates can have a significant impact on the cost of financing a home in the county, and can be an important factor for potential homebuyers to consider.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Montgomery County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hillsboro | $27,081 | $40,897 | $122,758 | $186,267 | $288,582 |
| Litchfield | $16,798 | $32,930 | $94,988 | $195,454 | $278,904 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Montgomery County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Hillsboro | 3.29% | 3.69% | 4.12% | 5.00% | 5.87% |
| Litchfield | 3.08% | 3.48% | 3.99% | 5.05% | 5.50% |
Housing Expenses in Montgomery County, Illinois
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