Milan, Illinois Property Taxes
The median property tax rate in Milan, IL is 3.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Milan at $117,102, the typical annual property tax bill reaches $3,870, exceeding the national median of $2,690. Property taxes in Milan 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 Milan'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 Milan 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
Milan, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.21%
Estimate Property Tax Bill
$3,759
$3,673
Ownwell’s Milan Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milan with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Milan to project your property tax bill. This powerful tool provides clarity on potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value, determined by Rock Island County, serves as the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Milan, Illinois
Property taxes in Milan, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Milan is 3.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61264 zip code has the highest median property tax rate of 3.21%, while the same zip code also has the lowest median tax rate of 3.21%. Understanding how these cities compare with Milan provides valuable insights into the varying tax landscape across Rock Island County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
3.21%
Average Rock Island County Tax Rate
2.90%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61264 | 2.50% | 2.83% | 3.21% | 3.26% | 3.75% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Illinois
In Milan, 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 Rock Island 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 Milan, 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 Milan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milan is $3,870 in the 61264 zip code, while the lowest is also $3,870 in the same zip code.
Average Milan Assessed Value
$117,102
Average Rock Island County Assessed Value
$104,406
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61264 | $53,838 | $76,758 | $117,102 | $186,795 | $278,832 |
Source: Ownwell
Property Tax Bills Across Milan, Illinois
In Milan, Rock Island County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. Typically, this assessed value is a fraction of the home's market value, reflecting local assessment practices. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. In Milan, the median home price stands at $117,102, and homeowners face varying tax bills depending on their property's assessed value. For instance, property tax bills at the 25th percentile are around $2,509, while those at the 75th percentile reach up to $5,919. The highest tax bills, at the 90th percentile, can be as high as $8,949. Comparing these figures to the national median property tax rate of 0.99%, Milan's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Milan Tax Bill
$3,870
Average Rock Island County Tax Bill
$2,928
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61264 | $1,838 | $2,509 | $3,870 | $5,919 | $8,949 |
Source: Ownwell