Milton, Illinois Property Taxes
The median property tax rate in Milton, IL is 1.92%, considerably higher than the national median of 0.99% but below the Illinois state median of 2.35%. With the median home value in Milton at $56,340, the typical annual property tax bill reaches $997, which is lower than the national median of $2,690. Property taxes in Milton 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 Milton'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 Milton 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
Milton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,082
$1,057
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, Illinois
Property taxes in Milton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 1.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62352 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these areas compare with Milton provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
1.92%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62352 | 1.16% | 1.53% | 1.92% | 2.64% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Illinois
In Milton, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 local 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 Milton, 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. The median home price in Milton is $56,340, with the 25th percentile tax bill at $624 and the 75th percentile tax bill at $1,584. The highest median tax bill in the area is $997 in the 62352 zip code. Being aware of these valuation processes in Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milton Assessed Value
$56,340
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62352 | $23,406 | $39,022 | $56,340 | $76,702 | $93,300 |
Source: Ownwell
Property Tax Bills Across Milton, Illinois
In Milton, located in Pike County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners, the assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Milton, the median home price is $56,340. Property tax bills can vary significantly, with the 25th percentile at $624 and the 75th percentile at $1,584. The tax bill at the 90th percentile reaches up to $1,996. Various factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Milton's property tax rate is reflective of the local economic conditions and public service needs. Homeowners in Milton should be aware of these factors as they directly impact their annual financial obligations, potentially affecting household budgets and the overall cost of homeownership.
Average Milton Tax Bill
$997
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62352 | $348 | $624 | $997 | $1,584 | $1,996 |
Source: Ownwell