Milmine, Illinois Property Taxes
The median property tax rate in Milmine, IL is 2.87%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Milmine at $252,826, the typical annual property tax bill reaches $6,623, exceeding the national median of $2,690. Property taxes in Milmine 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 Milmine'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 Milmine 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
Milmine, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.87%
Estimate Property Tax Bill
$7,256
$6,733
Ownwell’s Milmine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milmine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milmine 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 Milmine, Illinois
Property taxes in Milmine, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milmine is 2.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Milmine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milmine 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 Milmine's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61855 zip code has the highest median property tax rate of 2.87%, while the same zip code also features the lowest median tax rate of 2.87%. Understanding how these cities compare with Milmine 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 Milmine Tax Rate
2.87%
Average Piatt County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milmine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61855 | 2.46% | 2.66% | 2.87% | 3.04% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Milmine, Illinois
In Milmine, 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 Milmine, 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 Milmine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61855 has the highest median tax bill at $6,623, which is significantly above the national median property tax rate of 0.99%.
Average Milmine Assessed Value
$252,826
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 Milmine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61855 | $79,386 | $124,186 | $252,826 | $455,824 | $1,943,108 |
Source: Ownwell
Property Tax Bills Across Milmine, Illinois
In Milmine, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in Milmine, located in Piatt County, often see tax bills that reflect these assessments. For instance, the median home price in Milmine is $252,826. Depending on the assessed value, homeowners might find themselves paying significantly different amounts. The 25th percentile of property tax bills is around $3,519, while those in the 75th percentile can expect bills closer to $13,707. At the higher end, the 90th percentile tax bill reaches $56,549. These figures illustrate the range of property tax burdens that homeowners in Milmine may experience, significantly impacting their annual expenses. The national median property tax rate is 0.99%, which provides a useful benchmark for comparison.
Average Milmine Tax Bill
$6,623
Average Piatt County Tax Bill
$4,197
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Milmine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61855 | $3,141 | $3,519 | $6,623 | $13,707 | $56,549 |
Source: Ownwell