Manhattan, Illinois Property Taxes
The median property tax rate in Manhattan, IL is 3.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Manhattan at $282,000, the typical annual property tax bill reaches $8,878, significantly exceeding the national median of $2,690. Property taxes in Manhattan 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 Manhattan'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 Manhattan 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
Manhattan, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.19%
Estimate Property Tax Bill
$8,996
$8,790
Ownwell’s Manhattan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manhattan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manhattan 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 Manhattan, Illinois
Property taxes in Manhattan, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manhattan is 3.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Manhattan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manhattan 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 Manhattan's effective property tax rate to other regions in Illinois and the national median. For comparison, the 60442 zip code has the highest median property tax rate of 3.19%, while the same zip code also has the lowest median tax rate of 3.19%. Understanding how these rates compare with Manhattan provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manhattan Tax Rate
3.19%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manhattan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60442 | 2.18% | 2.96% | 3.19% | 3.26% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Manhattan, Illinois
In Manhattan, 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 local authorities 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 Manhattan, 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 Manhattan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60442 has both the highest and lowest median tax bill at $8,878.
Average Manhattan Assessed Value
$282,000
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manhattan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60442 | $160,350 | $209,550 | $282,000 | $338,100 | $424,031 |
Source: Ownwell
Property Tax Bills Across Manhattan, Illinois
In Manhattan, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the home's market value, and it forms the basis for calculating the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. Local tax rates, set by various taxing authorities such as school districts and municipal governments, are then applied to the assessed value to determine the final tax bill. In Manhattan, homeowners face significant property tax bills, with the 25th percentile at $6,872 and the 75th percentile reaching $10,899. The highest median tax bill in the area stands at $8,878, which is notably higher than the national median property tax rate of 0.99%. These high property taxes can significantly impact homeowners by increasing their annual housing expenses, and they are a crucial factor to consider when purchasing property in this region.
Average Manhattan Tax Bill
$8,878
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Manhattan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60442 | $4,875 | $6,872 | $8,878 | $10,899 | $13,199 |
Source: Ownwell