Mokena, Illinois Property Taxes
The median property tax rate in Mokena, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mokena, the typical annual property tax bill reaches $8,385, exceeding the national median of $2,690. Property taxes in Mokena 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 Mokena'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 Mokena 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
Mokena, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$8,401
$8,209
Ownwell’s Mokena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mokena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mokena 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 Mokena, Illinois
Property taxes in Mokena, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mokena is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mokena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mokena 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 Mokena's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60448 zip code has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Mokena 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 Mokena Tax Rate
2.56%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mokena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60448 | 2.28% | 2.45% | 2.56% | 2.68% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Mokena, Illinois
In Mokena, 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 Will 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 Mokena, 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 Mokena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $8,385 in the 60448 zip code, while the lowest median tax bill is also $8,385 in the same zip code.
Average Mokena Assessed Value
$328,168
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 Mokena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60448 | $187,371 | $238,546 | $328,168 | $430,727 | $570,476 |
Source: Ownwell
Property Tax Bills Across Mokena, Illinois
In Mokena, located in Will 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 instance, the median home price in Mokena is $328,168. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this calculation, including the home's market value, assessment ratio, and the specific tax rate set by local authorities. Homeowners in Mokena experience a range of tax bills. For example, the 25th percentile tax bill is $5,886, while those in the 75th percentile pay around $11,243. At the higher end, the 90th percentile tax bill reaches $15,129. The highest median tax bill in the area is $8,385, found in the 60448 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community and homeowners' financial responsibilities.
Average Mokena Tax Bill
$8,385
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mokena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60448 | $4,498 | $5,886 | $8,385 | $11,243 | $15,129 |
Source: Ownwell