Miller City, Illinois Property Taxes
The median property tax rate in Miller City, IL is 3.59%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Miller City at $40,935, the typical annual property tax bill reaches $1,304, surpassing the national median of $2,690. Property taxes in Miller City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Miller City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Miller City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Miller City, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Miller City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miller City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miller City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Miller City, Illinois
Property taxes in Miller City, Illinois, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Miller City is 3.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Miller City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miller City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Miller City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62962 has the highest median property tax rate of 3.59%, while the lowest median tax rate is also 3.59%. Understanding how these cities compare with Miller City provides valuable insights into the varying tax landscape across Alexander County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miller City Tax Rate
3.59%
Average Alexander County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miller City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62962 | 2.09% | 2.65% | 3.59% | 5.07% | 5.95% |
Source: Ownwell
Property Tax Assessment Values Across Miller City, Illinois
In Miller City, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Alexander County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Miller City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in Miller City is $40,935, with tax bills ranging from $759 at the 25th percentile to $2,404 at the 90th percentile. The zip code with the highest median tax bill is 62962, at $1,304, which is significantly higher than the national median property tax rate of 0.99%. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miller City Assessed Value
$40,935
Average Alexander County Assessed Value
$44,430
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Miller City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62962 | $12,949 | $23,444 | $40,935 | $58,586 | $69,176 |
Source: Ownwell
Property Tax Bills Across Miller City, Illinois
In Miller City, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value. Homeowners in Miller City see a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $759, while the 75th percentile tax bill reaches $1,991, and the 90th percentile can go up to $2,404. These figures highlight the variability in tax burdens among homeowners. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Miller City's tax rates can vary significantly. This variability can affect homeowners' financial planning and the overall cost of owning property in the area. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations accurately.
Average Miller City Tax Bill
$1,304
Average Alexander County Tax Bill
$956
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Miller City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62962 | $432 | $759 | $1,304 | $1,991 | $2,404 |
Source: Ownwell