Maunie, Illinois Property Taxes
The median property tax rate in Maunie, IL is 2.28%, considerably higher than the national median of 0.99% but slightly lower than the Illinois state median of 2.35%. With the median home value in Maunie at $16,317, the typical annual property tax bill is $217, significantly lower than the national median of $2,690. Property taxes in Maunie 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 Maunie'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 Maunie or another part of White County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maunie, 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 Maunie Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Maunie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maunie 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 Maunie, Illinois
Property taxes in Maunie, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maunie is 2.28%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Maunie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maunie 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 Maunie's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62861 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Maunie provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maunie Tax Rate
2.28%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maunie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62861 | 0.59% | 1.64% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Maunie, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maunie, Illinois. 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 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 Maunie, 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. For instance, in White County, the median home price is $16,317. Tax bills can vary significantly, with the 25th percentile tax bill at $106 and the 90th percentile tax bill reaching $702. The zip code with the highest median tax bill is 62861, where the median tax bill is $217. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Average Maunie Assessed Value
$16,317
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maunie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62861 | $2,573 | $5,745 | $16,317 | $26,966 | $40,865 |
Source: Ownwell
Property Tax Bills Across Maunie, Illinois
In Maunie, located in White County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Maunie, the median home price is $16,317. Property tax bills can vary significantly, with the 25th percentile at $106 and the 75th percentile at $470, reflecting the range of property values and tax rates across the area. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. Homeowners in Maunie may find their tax bills impacted by changes in these factors, which can lead to fluctuations year over year. Compared to the national median property tax rate of 0.99%, Maunie's property taxes are relatively modest, providing some financial relief to homeowners in this community. The highest median tax bill in the area is $217, found in the 62861 zip code, offering a point of comparison within White County.
Average Maunie Tax Bill
$217
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Maunie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62861 | $62 | $106 | $217 | $470 | $702 |
Source: Ownwell