Mineral, Illinois Property Taxes
The median property tax rate in Mineral, IL is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mineral, the typical annual property tax bill reaches $1,103, exceeding the national median of $2,690. Property taxes in Mineral 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 Mineral'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 Mineral or another part of Bureau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mineral, 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 Mineral Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mineral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral 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 Mineral, Illinois
Property taxes in Mineral, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mineral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral 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 Mineral's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61344 zip code has both the highest and lowest median property tax rates of 2.02%. Understanding how these cities compare with Mineral provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Tax Rate
2.03%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61344 | 0.88% | 1.37% | 2.02% | 2.53% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Mineral, Illinois
In Mineral, 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 Bureau 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 Mineral, 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 Mineral 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 $1106 in zip code 61344, while the lowest is also $1106 in the same zip code.
Average Mineral Assessed Value
$59,655
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61344 | $25,250 | $37,932 | $60,150 | $85,458 | $111,191 |
Source: Ownwell
Property Tax Bills Across Mineral, Illinois
In the city of Mineral, located in Bureau County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, which is set by local taxing authorities, is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Mineral, the median home price stands at $59,655. Property tax bills can vary significantly, with the 25th percentile tax bill at $566 and the 90th percentile reaching up to $2,549. The median property tax bill in the highest and lowest zip codes of Bureau County is $1,106. Compared to the national median property tax rate of 0.99%, Mineral's property tax rates can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Mineral Tax Bill
$1,103
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61344 | $323 | $566 | $1,106 | $1,777 | $2,551 |
Source: Ownwell