Manteno, Illinois Property Taxes
The median property tax rate in Manteno, IL is 3.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Manteno, the typical annual property tax bill reaches $5,474, exceeding the national median of $2,690. Property taxes in Manteno 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 Manteno'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 Manteno 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
Manteno, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Manteno Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manteno with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manteno 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 Manteno, Illinois
Property taxes in Manteno, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manteno is 3.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Manteno set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manteno 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 Manteno's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60950 zip code has the highest median property tax rate of 3.29%, while the same zip code also has the lowest median tax rate of 3.29%. Understanding how these cities compare with Manteno provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manteno Tax Rate
3.29%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manteno, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60950 | 2.66% | 2.99% | 3.29% | 3.45% | 3.80% |
Source: Ownwell
Property Tax Assessment Values Across Manteno, Illinois
In Manteno, 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 Kankakee County Assessor's Office 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 Manteno, 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 Manteno helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Manteno are both $5474, found in the 60950 zip code.
Average Manteno Assessed Value
$176,157
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manteno, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60950 | $90,978 | $137,523 | $176,157 | $233,415 | $315,343 |
Source: Ownwell
Property Tax Bills Across Manteno, Illinois
In Manteno, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, which varies by jurisdiction, is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, while local government budgets and school funding needs impact the tax rate. Homeowners in Manteno experience varying tax bills, with the 25th percentile paying around $4,261 annually and the 75th percentile facing bills up to $7,668. The highest median tax bill in the area is $5,474, which is significantly higher than the national median property tax rate of 0.99%. This can place a considerable financial burden on homeowners, especially those with higher-valued properties. Understanding these factors is crucial for homeowners aiming to manage their property tax obligations effectively.
Average Manteno Tax Bill
$5,474
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Manteno, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60950 | $3,087 | $4,261 | $5,474 | $7,668 | $10,675 |
Source: Ownwell