Momence, Kankakee County, Illinois Property Taxes

Name: Property Tax Bills Across Momence, Kankakee County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Momence, IL effective property tax rate: 2.72%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Momence, IL home value: $118,614
Median annual Momence, IL tax bill: $3,439, $1,039 higher than the national median property tax bill of $2,400.

How are property taxes in Kankakee calculated?

Property taxes in Momence, 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 Momence’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Momence, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Momence, Kankakee County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.72%

Estimate Property Tax Bill

$3,226

$2,994

Ownwell’s Momence Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Momence with just two data points. By entering your property's estimated assessed value, our calculator applies Momence’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 Kankakee County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Momence, Kankakee County, Illinois

Local government entities in Illinois set tax rates, resulting in significant variation within the state. Each year, counties like Kankakee estimate their required budget to provide essential services and then divide that amount by the total value of all taxable property within the jurisdiction. This calculation determines the property tax rate. Although the process involves votes and laws, this is essentially how it works annually.

Momence in Kankakee County has an effective property tax rate that reflects the county’s approach to funding public services. When comparing Momence’s rate to other cities in Illinois, it's evident that the rates can vary, yet they all contribute to the overall fiscal health of their communities. The median property tax rate in Illinois is significantly higher than the national median of 1.02%. This disparity underscores the diverse fiscal strategies employed by local governments across the state. Understanding these variations can help property owners make informed decisions about appealing their property taxes or seeking exemptions, ensuring they are not overpaying compared to the state and national averages.

Property Tax Rates Across Momence, Kankakee County, Illinois

Source: Ownwell

2.56%

3.54%

4.53%

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 Momence Tax Rate

2.72%

Median Effective Kankakee County Tax Rate

3.07%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Momence, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60954	2.14%	2.41%	2.72%	3.28%	3.56%

Source: Ownwell

Property Tax Assessment Values Across Momence, Kankakee County, Illinois

When examining property taxes in Momence, IL, 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 Kankakee County appraisal district 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. Assessment notices: In Kankakee 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 Momence. For example, the median home price in Momence is $118,614, with tax bills ranging significantly across the county. 60954 has the highest median home price at $118,614.

Property Tax Assessment Values Across Momence, Kankakee County, Illinois

Source: Ownwell

$49,746

$124,081

$198,416

Median Momence Market Value

$118,614

Median Kankakee County Market Value

$137,616

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Momence, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60954	$24,206	$56,301	$118,614	$213,852	$314,543

Source: Ownwell

Property Tax Bills Across Momence, Kankakee County, Illinois

In Momence, Kankakee County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as local government budgets, school funding needs, and public service requirements influence the tax rate. Homeowners in Momence face a range of tax bills, with the 25th percentile at $1,594, the 75th percentile at $5,502, and the 90th percentile reaching $8,430. The median tax bill in the area is notably higher than the national median of $2,400, reflecting the specific fiscal needs of the community. This can significantly impact homeowners, as high property taxes can strain household budgets. Ownwell offers property tax appeal services that can help homeowners in Momence potentially lower their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists in filing appeals, aiming to reduce the financial burden on homeowners.

Property Tax Bills Across Momence, Kankakee County, Illinois

Source: Ownwell

$1,473

$3,969

$6,465

Median Momence Tax Bill

$3,439

Median Kankakee County Tax Bill

$4,151

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Momence, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60954	$860	$1,594	$3,439	$5,502	$8,430

Source: Ownwell