Millington, Illinois Property Taxes
The median property tax rate in Millington, IL is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Millington, the typical annual property tax bill reaches $3,015, exceeding the national median of $2,690. Property taxes in Millington 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 Millington'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 Millington 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
Millington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$3,156
$3,084
Ownwell’s Millington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millington 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 Millington, Illinois
Property taxes in Millington, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millington is 2.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Millington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millington 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 Millington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60537 zip code has both the highest and lowest median property tax rate of 2.27%. Understanding how these cities compare with Millington provides valuable insights into the varying tax landscape across Kendall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millington Tax Rate
2.27%
Average Kendall County Tax Rate
2.83%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60537 | 1.53% | 2.12% | 2.27% | 2.54% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Millington, Illinois
In Millington, 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 Kendall 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 Millington, 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 Millington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,015 in the 60537 zip code, while the lowest median tax bill is also $3,015 in the same zip code.
Average Millington Assessed Value
$139,020
Average Kendall County Assessed Value
$264,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60537 | $80,700 | $106,670 | $139,020 | $171,703 | $198,488 |
Source: Ownwell
Property Tax Bills Across Millington, Illinois
In Millington, located in Kendall County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Millington face a median property tax rate of 2.17%, significantly higher than the national median of 0.99%. For a home with a median price of $139,020, the property tax bill can range widely. At the 25th percentile, homeowners might pay around $1,970 annually, while those at the 75th percentile could see bills as high as $3,834. The top 10% of tax bills can reach up to $4,401. Various factors influence these tax bills, including the local government budget, school funding requirements, and public service needs. Higher property taxes can impact homeowners by increasing annual expenses, potentially affecting affordability and financial planning. Understanding these factors is crucial for homeowners to anticipate their financial obligations and make informed decisions about property investments in Millington.
Average Millington Tax Bill
$3,015
Average Kendall County Tax Bill
$7,273
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Millington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60537 | $1,321 | $1,970 | $3,015 | $3,834 | $4,401 |
Source: Ownwell