Milford, Iroquois County, Illinois Property Taxes
Median Milford, IL effective property tax rate: 2.68%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Milford, IL home value: $117,700
Median annual Milford, IL tax bill: $3,400, $1,000 higher than the national median property tax bill of $2,400.
How are property taxes in Iroquois calculated?
Property taxes in Milford, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Milford’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Milford, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Milford, Iroquois County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.68%
Estimate Property Tax Bill
$3,154
$2,927
Ownwell’s Milford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milford with just two data points.
By entering your property's estimated assessed value, our calculator applies Milford’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Iroquois County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Milford, Iroquois County, Illinois
Local government entities are responsible for setting tax rates, and these can vary significantly within a state. Each year, counties estimate their required budget to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. Although setting tax rates involves votes and laws, this is the essence of the annual process.
In Milford, located in Iroquois County, Illinois, the effective property tax rate stands at 2.68%. This rate is notably higher than the national median property tax rate of 1.02%, reflecting the unique fiscal needs and property values within the area. Comparing Milford's rate to other cities in Illinois and the median property tax rates in the state and the U.S. provides valuable insight into the local tax landscape. Understanding these differences can help property owners anticipate their tax obligations and explore potential savings through appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Milford Taxx Rate
2.68%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Iroquois County Taxx Rate
2.59%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Milford, Iroquois County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60953 | 1.86% | 2.28% | 2.68% | 3.14% | 3.49% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Iroquois County, Illinois
When examining property taxes in Milford, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Iroquois County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Iroquois County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Milford.
For example, the median home price in Milford is $117,700, with tax bills ranging significantly across the county. Zip code 60953 has the highest median home price at $117,700.
Property Tax Assessment Values Across Milford, Iroquois County, Illinois
Source: Ownwell
$79,238
$114,214
$149,190
Median Milford Market Value
$117,700
Median Iroquois County Market Value
$114,710
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Milford, Iroquois County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60953 | $28,026 | $70,666 | $117,700 | $190,728 | $264,440 |
Source: Ownwell
Property Tax Bills Across Milford, Iroquois County, Illinois
In Milford, located in Iroquois County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, and local tax authorities set the rates based on budgetary needs. Homeowners in Milford face a median property tax bill of $3,400, notably higher than the national median of $2,400. Factors such as local government budgets, school funding, and community services influence these rates, impacting homeowners' financial obligations. For those in the 90th percentile, tax bills can soar to $8,606, placing a significant burden on household budgets.
Ownwell offers a solution by assisting homeowners in appealing their property tax assessments, potentially lowering their tax bills. By leveraging expertise in local tax regulations and market assessments, Ownwell identifies opportunities for savings, ensuring homeowners are not overpaying. This service can be particularly beneficial in Milford, where property tax bills are substantial, providing financial relief and peace of mind to residents.
Median Milford Tax Bill
$3,400
Median Iroquois County Tax Bill
$3,017
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Milford, Iroquois County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60953 | $836 | $1,929 | $3,400 | $5,267 | $8,606 |
Source: Ownwell