Mansfield, Illinois Property Taxes
The median property tax rate in Mansfield, IL is 2.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mansfield, the typical annual property tax bill reaches $6,725, exceeding the national median of $2,690. Property taxes in Mansfield 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 Mansfield'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 Mansfield 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
Mansfield, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Mansfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mansfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mansfield 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 Mansfield, Illinois
Property taxes in Mansfield, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mansfield is 2.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mansfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mansfield 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 Mansfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61854 zip code has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these cities compare with Mansfield provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mansfield Tax Rate
2.94%
Average Piatt County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mansfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61854 | 2.29% | 2.73% | 2.94% | 3.05% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Mansfield, Illinois
In Mansfield, 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 Piatt County Assessor 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 Mansfield, 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 Mansfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Mansfield are both $6,725, found in zip code 61854.
Average Mansfield Assessed Value
$218,505
Average Piatt County Assessed Value
$166,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mansfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61854 | $71,324 | $116,852 | $218,505 | $340,216 | $444,788 |
Source: Ownwell
Property Tax Bills Across Mansfield, Illinois
In Mansfield, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the Piatt County Assessor's Office, which typically assesses properties at a percentage of their market value. Various factors, such as property size, location, and market conditions, are considered during this process. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. Homeowners in Mansfield face varying tax bills, with the 25th percentile at $3,349 and the 75th percentile reaching $9,720. The 90th percentile tax bill can go as high as $13,146. Compared to the national median property tax rate of 0.99%, local taxes can significantly impact household budgets. For instance, the highest median tax bill in the 61854 zip code is $6,725. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Mansfield Tax Bill
$6,725
Average Piatt County Tax Bill
$4,197
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mansfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61854 | $2,258 | $3,349 | $6,725 | $9,720 | $13,146 |
Source: Ownwell