Mineral, Illinois Property Taxes
The median property tax rate in Mineral, IL is 2.19%, 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 $6,880, 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 Henry 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 helps any homeowner, real estate investor, or potential owner 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, IL, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral is 2.19%, 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 the highest median property tax rate of 2.19%, while the 61344 zip code also has the lowest median tax rate of 2.19%. Understanding how these cities compare with Mineral provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Tax Rate
2.19%
Average Henry County Tax Rate
2.38%
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 | 2.09% | 2.11% | 2.19% | 2.37% | 2.44% |
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 Henry 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. The highest median tax bill in Mineral is $6880 in the 61344 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mineral Assessed Value
$310,707
Average Henry County Assessed Value
$112,041
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 | $129,618 | $154,584 | $310,707 | $325,752 | $366,977 |
Source: Ownwell
Property Tax Bills Across Mineral, Illinois
In Mineral, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the home's market value, and it is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Mineral is $310,707. For homeowners, this translates into a median tax bill that can vary significantly, with the 25th percentile at $3,390 and the 75th percentile reaching $7,711. Several factors influence the final tax bill, including the property's location within specific taxing districts, any applicable exemptions, and the local government's budgetary needs. The highest median tax bill in the area is $6,880, found in the 61344 zip code. With the national median property tax rate at 0.99%, Mineral's tax rates can present a considerable financial obligation for homeowners, impacting their overall cost of living and financial planning.
Average Mineral Tax Bill
$6,880
Average Henry County Tax Bill
$2,634
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 | $2,765 | $3,390 | $6,880 | $7,711 | $8,690 |
Source: Ownwell