Mokena, Illinois Property Taxes
The median property tax rate in Mokena, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mokena, the typical annual property tax bill reaches $6,333, exceeding the national median of $2,690. Property taxes in Mokena 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 Mokena'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 Mokena 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
Mokena, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$6,345
$6,201
$1,148
Average Mokena, Illinois Tax Savings
Ownwell’s Mokena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mokena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mokena to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Mokena. 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 Mokena, Illinois
Property taxes in Mokena, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mokena is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mokena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mokena 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 Mokena's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60448 zip code has the highest median property tax rate of 2.30%, while the 60448 zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Mokena provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mokena Tax Rate
2.30%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mokena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60448 | 2.10% | 2.17% | 2.30% | 2.46% | 2.55% |
Source: Ownwell
$1,148
Average Mokena Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Mokena, Illinois
In Mokena, 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 Cook 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 Mokena, 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 Mokena 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 the area are both $6,333, found in the 60448 zip code.
Average Mokena Assessed Value
$275,890
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mokena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60448 | $275,378 | $275,570 | $275,890 | $302,700 | $318,786 |
Source: Ownwell
$1,148
Average Mokena Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Mokena, Illinois
In Mokena, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to calculate the tax bill. For example, with a median home price of $275,890, homeowners can expect a significant tax burden. Tax bills in Mokena range broadly, with the 25th percentile at $5,992 and the 75th percentile reaching $7,479, while the 90th percentile hits $8,166. This is notably higher than the national median property tax rate of 0.99%. Various factors influence these tax calculations, including property size, location, and any applicable exemptions. High property tax bills can significantly impact homeowners, making it crucial to ensure they are not overpaying. Ownwell offers expert property tax appeal and exemption services to help homeowners in Mokena reduce their tax burdens. By leveraging local expertise and thorough market analysis, Ownwell can identify discrepancies in assessed values and secure potential savings, making a tangible difference in annual property tax expenses.
Average Mokena Tax Bill
$6,333
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mokena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60448 | $5,788 | $5,992 | $6,333 | $7,479 | $8,166 |
Source: Ownwell
$1,148
Average Mokena Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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