Manito, Illinois Property Taxes
The median property tax rate in Manito, IL is 3.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Manito, the typical annual property tax bill reaches $2,385, which is below the national median of $2,690. Property taxes in Manito 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 Manito'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 Manito 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
Manito, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.17%
Estimate Property Tax Bill
$2,398
$2,343
Ownwell’s MANITO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MANITO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MANITO 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 Manito, Illinois
Property taxes in MANITO, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MANITO is 3.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within MANITO set these rates annually, and they can vary significantly across different neighborhoods. Each year, MANITO 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 MANITO's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61546 zip code has the highest median property tax rate of 3.17%, while the same zip code also has the lowest median tax rate of 3.17%. Understanding how these cities compare with MANITO provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manito Tax Rate
3.17%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manito, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61546 | 2.50% | 2.95% | 3.17% | 3.21% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Manito, Illinois
In MANITO, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Mason 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 MANITO, 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 MANITO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in MANITO is $75,651, with the 25th percentile tax bill at $1,626 and the 75th percentile tax bill at $3,587. The zip code with the highest median tax bill is 61546 at $2,385, which is also the lowest median tax bill in the area.
Average Manito Assessed Value
$75,651
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manito, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61546 | $19,101 | $53,679 | $75,651 | $119,766 | $168,394 |
Source: Ownwell
Property Tax Bills Across Manito, Illinois
In Manito, Mason County, IL, property tax bills are determined by the assessed value of a property, which is typically a percentage of its market value. The assessment process takes into account various factors such as the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the tax bill. For homeowners in Manito, the median home price is $75,651, and the property tax rate is reflective of the local government's needs and budget requirements. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $1,626, while the 75th percentile is $3,587, and the 90th percentile reaches $5,412. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners should be aware of these factors as they can significantly influence their annual financial planning and the overall cost of owning property in Manito.
Average Manito Tax Bill
$2,385
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Manito, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61546 | $815 | $1,626 | $2,385 | $3,587 | $5,412 |
Source: Ownwell