Milledgeville, Illinois Property Taxes
The median property tax rate in Milledgeville, IL is 1.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Milledgeville, the typical annual property tax bill reaches $1,674, which is lower than the national median of $2,690. Property taxes in Milledgeville 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 Milledgeville'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 Milledgeville 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
Milledgeville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$1,395
$1,295
Ownwell’s Milledgeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milledgeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milledgeville 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 Milledgeville, Illinois
Property taxes in Milledgeville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milledgeville is 1.90%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Milledgeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milledgeville 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 Milledgeville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61051 has the highest median property tax rate of 1.90%, while the same zip code also has the lowest median tax rate of 1.90%. Understanding how these areas compare with Milledgeville provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milledgeville Tax Rate
1.90%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milledgeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61051 | 1.34% | 1.63% | 1.90% | 2.14% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Milledgeville, Illinois
In Milledgeville, 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 Ogle 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 Milledgeville, 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 Milledgeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1674.00 in zip code 61051, while the lowest is also $1674.00 in the same zip code.
Average Milledgeville Assessed Value
$73,428
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milledgeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61051 | $40,736 | $57,873 | $73,428 | $96,124 | $100,456 |
Source: Ownwell
Property Tax Bills Across Milledgeville, Illinois
In Milledgeville, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in this city within Ogle County, IL, see tax bills influenced by several factors, including local tax rates and the assessed value of their property. For instance, the median home price in Milledgeville is $73,428, and property tax bills can vary significantly. Homeowners at the 25th percentile might pay around $787, while those at the 75th percentile could see bills as high as $1,761. The highest median tax bill in the area is $1,674, found in the 61051 zip code. These tax bills can have a substantial impact on homeowners, influencing monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Milledgeville's rates reflect the local economic conditions and funding needs for public services. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Milledgeville Tax Bill
$1,674
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Milledgeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61051 | $551 | $787 | $1,674 | $1,761 | $1,829 |
Source: Ownwell