62298 Property Tax Rate

Property owners in ZIP code 62298 (Waterloo, Illinois) pay a median of $4,418/year in property taxes on homes valued at $263,200. This translates to an effective tax rate of 1.68%, which is 11% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62298 is approximately $368, which factors into escrow payments on mortgages. This ZIP code is located within Monroe County. This is $917 more than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62298 has higher property taxes. ZIP codes with similar effective rates include 61272 (1.68%) and 62075 (1.68%).

In Waterloo, property taxes represent approximately 4.7% of the median household income of $94,073, providing context for the relative tax burden on homeowners in this area.

Illinois caps assessed value increases at 7% annually, protecting you from tax bill shock even as your home's market value grows. Monroe County's General Homestead Exemption ($10,000 off assessed value) applies to owner-occupied homes and delivers approximately $182–$365 in annual tax savings at this county's effective rate. File your homestead exemption with the Monroe County Assessor within 30 days of purchase to ensure the reduction applies to your first bill.