Momence, Illinois Property Taxes
The median property tax rate in Momence, IL is 2.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Momence, the typical annual property tax bill reaches $3,439, exceeding the national median of $2,690. Property taxes in Momence 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 Momence'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 Momence 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
Momence, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$3,226
$2,994
Ownwell’s Momence Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Momence to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Kankakee County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Momence, Illinois
Property taxes in Momence, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Momence is 2.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Momence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Momence 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 Momence's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60954 zip code has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Momence provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Momence Tax Rate
2.72%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Momence, 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, Illinois
In Momence, 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 Kankakee 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 Momence, 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 Momence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in zip code 60954 is $3,439, while the lowest is also $3,439.
Average Momence Assessed Value
$118,614
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Momence, 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, Illinois
In Momence, property tax bills are calculated based on the assessed value of your home. The local assessment office evaluates your property to determine its assessed value, which is then used to calculate your tax bill. This assessed value is a percentage of the market value of your home. Various factors such as the size of the property, its location, and the condition of the home are considered during the assessment process. The median home price in Momence is $118,614, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,594, while at the 75th percentile, it reaches $5,502. At the 90th percentile, homeowners might pay as much as $8,430. These figures show a wide range in tax liabilities, reflecting the diverse property values within the area. Compared to the national median property tax rate of 0.99%, Momence homeowners may find their tax bills relatively high, impacting their overall cost of homeownership.
Average Momence Tax Bill
$3,439
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Momence, 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