Milan, Illinois Property Taxes
The median property tax rate in Milan, IL is 2.38%, noticeably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Milan at $94,305, the typical annual property tax bill reaches $2,084, which is below the national median of $2,690. Property taxes in Milan are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Milan'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 Milan 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
Milan, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$2,244
$2,193
Ownwell’s Milan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, Illinois
Property taxes in Milan, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milan is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61264 zip code has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Milan provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
2.38%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61264 | 1.95% | 2.07% | 2.38% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Illinois
In Milan, 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 Mercer 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 Milan, 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 Milan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Milan are both $2,084, found in the 61264 zip code.
Average Milan Assessed Value
$94,305
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61264 | $22,778 | $43,230 | $94,305 | $186,859 | $356,925 |
Source: Ownwell
Property Tax Bills Across Milan, Illinois
In Milan, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax authorities determine this assessed value, and various factors such as property size, location, and improvements can influence it. The tax rate, known as the millage rate, is then applied to the assessed value to calculate the annual tax bill. For homeowners in Milan, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $944, while the 75th percentile reaches $3,865, and the 90th percentile can be as high as $7,796. These figures indicate a broad range of tax burdens depending on the property's assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Milan might experience varying levels of tax liability, impacting their overall financial planning and homeownership costs. Understanding these factors is crucial for homeowners to anticipate and manage their annual property tax obligations effectively.
Average Milan Tax Bill
$2,084
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61264 | $569 | $944 | $2,084 | $3,865 | $7,796 |
Source: Ownwell