Mulkeytown, Illinois Property Taxes
The median property tax rate in Mulkeytown, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mulkeytown at $61,065, the typical annual property tax bill reaches $1,262, exceeding the national median of $2,690. Property taxes in Mulkeytown 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 Mulkeytown'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 Mulkeytown 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
Mulkeytown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$1,191
$1,164
Ownwell’s Mulkeytown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mulkeytown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mulkeytown 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 Mulkeytown, Illinois
Property taxes in Mulkeytown, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mulkeytown is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mulkeytown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mulkeytown 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 Mulkeytown's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62865 zip code has the highest median property tax rate of 1.95%, while the 62865 zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Mulkeytown provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mulkeytown Tax Rate
1.95%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mulkeytown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62865 | 0.91% | 1.45% | 1.95% | 2.33% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Mulkeytown, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mulkeytown, Illinois. 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 Franklin 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 Mulkeytown, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Mulkeytown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mulkeytown is $1262 in zip code 62865, which is also the lowest median tax bill, offering a clear perspective on local property tax expectations.
Average Mulkeytown Assessed Value
$61,065
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mulkeytown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62865 | $6,732 | $31,620 | $61,065 | $110,280 | $151,923 |
Source: Ownwell
Property Tax Bills Across Mulkeytown, Illinois
In Mulkeytown, located in Franklin County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $61,065, homeowners can expect varying tax bills depending on their property's specific assessed value and the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Mulkeytown, the tax bills can vary significantly, with the 25th percentile at $604 and the 75th percentile reaching $2,251. At the 90th percentile, homeowners might see tax bills as high as $3,353, compared to the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to the property's value, impacting homeowners by aligning tax obligations with property worth.
Average Mulkeytown Tax Bill
$1,262
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mulkeytown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62865 | $238 | $604 | $1,262 | $2,251 | $3,353 |
Source: Ownwell