Milledgeville, Illinois Property Taxes
The median property tax rate in Milledgeville, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Milledgeville at $130,054, the typical annual property tax bill reaches $2,208, which is still below the national median of $2,690. Property taxes in Milledgeville 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 Milledgeville'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 Milledgeville 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
Milledgeville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$2,874
$2,667
Ownwell’s Milledgeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milledgeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milledgeville 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 Milledgeville, Illinois
Property taxes in Milledgeville, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Milledgeville is 2.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Milledgeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milledgeville 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 Milledgeville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61051 has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Milledgeville provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milledgeville Tax Rate
2.21%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milledgeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61051 | 1.14% | 1.69% | 2.21% | 2.38% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Milledgeville, Illinois
In Milledgeville, 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 Whiteside 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. In Milledgeville, 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 Milledgeville 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 $2208, found in zip code 61051.
Average Milledgeville Assessed Value
$130,054
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milledgeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61051 | $61,668 | $100,820 | $130,054 | $195,854 | $232,724 |
Source: Ownwell
Property Tax Bills Across Milledgeville, Illinois
In Milledgeville, Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. For instance, if the median home price is $130,054, the assessed value will be a fraction of that amount. The tax rate is then applied to the assessed value to calculate the tax bill. Homeowners in Milledgeville can expect their property tax bills to vary significantly. For example, tax bills at the 25th percentile are around $1,699, while those at the 75th percentile reach approximately $2,433. At the 90th percentile, tax bills can soar to $4,477. These amounts are influenced by various factors, including property improvements and local tax levies. Comparatively, the national median property tax rate is 0.99%, making Milledgeville's property tax rates relatively higher. This impacts homeowners by increasing their annual expenses, which can affect their overall cost of living and financial planning.
Average Milledgeville Tax Bill
$2,208
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Milledgeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61051 | $1,115 | $1,699 | $2,208 | $2,433 | $4,477 |
Source: Ownwell