Millstadt, Illinois Property Taxes
The median property tax rate in Millstadt, IL is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Millstadt, the typical annual property tax bill reaches $4,433, exceeding the national median of $2,690. Property taxes in Millstadt 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 Millstadt'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 Millstadt 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
Millstadt, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$4,609
$4,504
Ownwell’s Millstadt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millstadt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millstadt 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 Millstadt, Illinois
Property taxes in Millstadt, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millstadt is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Millstadt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millstadt 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 Millstadt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62260 zip code has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these areas compare with Millstadt provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millstadt Tax Rate
2.33%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millstadt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62260 | 1.84% | 2.15% | 2.33% | 2.47% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Millstadt, Illinois
In Millstadt, 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 St. Clair County Assessor 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 Millstadt, 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 Millstadt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $197,814, with the highest and lowest median tax bills being $4,433 in the 62260 zip code.
Average Millstadt Assessed Value
$197,814
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millstadt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62260 | $93,049 | $141,843 | $197,814 | $271,482 | $350,275 |
Source: Ownwell
Property Tax Bills Across Millstadt, Illinois
In Millstadt, located in St. Clair County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, this means that their tax bill is influenced by the home's market value and the local tax rate. The median home price in Millstadt is $197,814, and the property tax rate in the area is reflective of the county's needs and budget requirements. Homeowners in Millstadt can expect varying tax bills depending on their property's assessed value. For example, the tax bill for the 25th percentile is approximately $3,056, while those in the 75th percentile face bills around $6,298. At the 90th percentile, tax bills can reach up to $8,128. The highest and lowest median tax bills in Millstadt are both reported at $4,433, which is significantly higher than the national median property tax rate of 0.99%. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and public safety, making it essential for residents to understand how their property taxes are determined and utilized.
Average Millstadt Tax Bill
$4,433
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Millstadt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62260 | $1,693 | $3,056 | $4,433 | $6,298 | $8,128 |
Source: Ownwell