Mansfield, Illinois Property Taxes
The median property tax rate in Mansfield, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mansfield, the typical annual property tax bill reaches $8,178, exceeding the national median of $2,690. Property taxes in Mansfield 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 Mansfield'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 Mansfield 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
Mansfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$8,186
$7,999
Ownwell’s Mansfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mansfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mansfield 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 Mansfield, Illinois
Property taxes in Mansfield, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mansfield is 2.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mansfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mansfield 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 Mansfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61854 zip code has the highest median property tax rate of 2.21%, while the 61854 zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Mansfield provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mansfield Tax Rate
2.21%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mansfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61854 | 2.20% | 2.20% | 2.21% | 2.22% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Mansfield, Illinois
In Mansfield, 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 Champaign 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 Mansfield, 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 Mansfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61854, with a median bill of $8,178.
Average Mansfield Assessed Value
$370,410
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mansfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61854 | $305,706 | $329,970 | $370,410 | $410,850 | $435,114 |
Source: Ownwell
Property Tax Bills Across Mansfield, Illinois
In Mansfield, IL, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $370,410, the assessed value is calculated to establish the tax liability. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include property location, local government budgets, and specific levies for services such as schools and infrastructure. In Mansfield, homeowners can expect varying tax bills; the 25th percentile tax bill is around $7,305, while the 75th percentile reaches $9,051, and the 90th percentile goes up to $9,574. These tax bills significantly impact homeowners by contributing to the overall cost of owning property. Compared to the national median property tax rate of 0.99%, Mansfield's property taxes can be relatively high, reflecting the area's property values and local fiscal needs. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Mansfield Tax Bill
$8,178
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mansfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61854 | $6,782 | $7,305 | $8,178 | $9,051 | $9,574 |
Source: Ownwell