Mill Shoals, Illinois Property Taxes
The median property tax rate in Mill Shoals, IL is 1.86%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Mill Shoals at $37,504, the typical annual property tax bill reaches $549, which is significantly below the national median of $2,690. Property taxes in Mill Shoals are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mill Shoals' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mill Shoals 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
Mill Shoals, 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 Mill Shoals Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mill Shoals with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mill Shoals 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 Mill Shoals, Illinois
Property taxes in Mill Shoals, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mill Shoals is 1.86%, which is significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mill Shoals set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mill Shoals 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 Mill Shoals' effective property tax rate to other counties in Illinois and the national median. For comparison, the 62862 zip code has both the highest and lowest median property tax rate of 1.86%. Understanding how these cities compare with Mill Shoals 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 Mill Shoals Tax Rate
1.86%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mill Shoals, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62862 | 0.66% | 1.25% | 1.86% | 2.47% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Mill Shoals, Illinois
In Mill Shoals, 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 White 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. 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 Mill Shoals helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $549, found in the 62862 zip code.
Average Mill Shoals Assessed Value
$37,504
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 Mill Shoals, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62862 | $5,769 | $16,943 | $37,504 | $67,343 | $112,817 |
Source: Ownwell
Property Tax Bills Across Mill Shoals, Illinois
In Mill Shoals, located in White County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's location, size, and any applicable exemptions. For homeowners in Mill Shoals, the median home price is $37,504. The property tax bills vary significantly, with the 25th percentile at $185 and the 75th percentile reaching $1,141. The 90th percentile sees tax bills as high as $2,016. The highest median tax bill in the area is $549, found in the 62862 zip code. These property taxes can have a substantial impact on homeowners, affecting their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, the rates in Mill Shoals may offer some homeowners a more affordable option, depending on their specific circumstances.
Average Mill Shoals Tax Bill
$549
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mill Shoals, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62862 | $90 | $185 | $549 | $1,141 | $2,016 |
Source: Ownwell