Millbrook, Illinois Property Taxes
The median property tax rate in Millbrook, Illinois is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Millbrook, the typical annual property tax bill reaches $6,310, exceeding the national median of $2,690. Property taxes in Millbrook 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 Millbrook'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 Millbrook 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
Millbrook, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$6,479
$6,331
Ownwell’s Millbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millbrook 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 Millbrook, Illinois
Property taxes in Millbrook, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millbrook is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Millbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millbrook 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 Millbrook's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60536 zip code has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Millbrook provides valuable insights into the varying tax landscape across Kendall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millbrook Tax Rate
2.33%
Average Kendall County Tax Rate
2.83%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60536 | 2.11% | 2.27% | 2.33% | 2.40% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Millbrook, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millbrook, Illinois. 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 Kendall 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 Millbrook, 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. For instance, the highest median tax bill in Millbrook is $6,310 in the 60536 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 Millbrook Assessed Value
$278,052
Average Kendall County Assessed Value
$264,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60536 | $157,986 | $206,208 | $278,052 | $352,107 | $404,426 |
Source: Ownwell
Property Tax Bills Across Millbrook, Illinois
In Millbrook, located in Kendall 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 typically represents a percentage of the property's market value. For instance, with a median home price of $278,052, the assessed value is used to calculate the property tax bill. Various factors influence the tax bill, including local tax rates and any applicable exemptions or deductions. Homeowners in Millbrook can expect their property tax bills to vary widely. The 25th percentile tax bill is around $4,558, while the 75th percentile reaches up to $8,124. At the 90th percentile, homeowners might see bills as high as $9,671. Comparatively, the highest and lowest median tax bills in the area are both $6,310, reflecting the specific zip code 60536. These property taxes significantly impact homeowners, influencing their overall housing costs and affordability. With the national median property tax rate at 0.99%, Millbrook's tax rates can be considered relatively high, affecting long-term financial planning for residents.
Average Millbrook Tax Bill
$6,310
Average Kendall County Tax Bill
$7,273
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Millbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60536 | $3,539 | $4,558 | $6,310 | $8,124 | $9,671 |
Source: Ownwell