Manhattan, Will County, Illinois Property Taxes
Median Manhattan, IL effective property tax rate: 3.19%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Manhattan, IL home value: $282,000
Median annual Manhattan, IL tax bill: $8,878, $6,478 higher than the national median property tax bill of $2,400.
How are property taxes in Will County calculated?
Property taxes in Manhattan, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Manhattan’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Manhattan, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Manhattan, Will County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.19%
Estimate Property Tax Bill
$8,996
$8,348
Property Tax Rates Across Manhattan, Will County, Illinois
Local government entities are responsible for setting property tax rates, which can differ significantly within a state. Each year, counties estimate their budgetary needs to provide essential services and divide this by the total assessed value of all taxable property within their jurisdiction. This process results in the property tax rate. While the setting of tax rates and budgets involves votes and legislation, this is the core of the annual procedure.
In Manhattan, located in Will County, Illinois, the effective property tax rate stands out compared to other cities in Illinois. The median property tax rate in Illinois is notably higher than the national median of 1.02%. This can lead to a higher property tax bill for homeowners in the area. Understanding these rates is crucial for property owners looking to manage their expenses effectively.
By comparing Manhattan's effective property tax rate to those in other Illinois cities and the national median, property owners can gain valuable insights. This comparison can help homeowners make informed decisions about property investments and budgeting for property taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Manhattan Tax Rate
3.19%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Will County Tax Rate
2.62%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Manhattan, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60442 | 2.18% | 2.96% | 3.19% | 3.26% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Manhattan, Will County, Illinois
When examining property taxes in Manhattan, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Will County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Will County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Manhattan.
For example, the median home price in Manhattan is $282,000, with tax bills ranging significantly across the county. Zip code 60442 has the highest median home price at $282,000.
Property Tax Assessment Values Across Manhattan, Will County, Illinois
Source: Ownwell
$101,070
$390,154
$679,238
Median Manhattan Market Value
$282,000
Median Will County Market Value
$251,502
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Manhattan, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60442 | $160,350 | $209,550 | $282,000 | $338,100 | $424,031 |
Source: Ownwell
Property Tax Bills Across Manhattan, Will County, Illinois
In Manhattan, located in Will County, IL, property tax bills are calculated based on assessed property value and the local tax rate. The assessed value is typically a percentage of the property's market value. With a median home price of $282,000, homeowners in this area face property tax bills that can vary significantly. The 25th percentile tax bill is $6,872, while the 75th percentile reaches $10,899, and the 90th percentile can be as high as $13,199. This can be quite burdensome compared to the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.
For residents struggling with high property taxes, Ownwell offers a solution by providing expert property tax appeal and exemption services. By thoroughly reviewing property assessments, Ownwell identifies potential inaccuracies and advocates on behalf of homeowners to ensure fair taxation. This can lead to substantial savings, reducing the financial strain on homeowners and making property ownership more affordable in Manhattan, IL.
Median Manhattan Tax Bill
$8,878
Median Will County Tax Bill
$6,703
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Manhattan, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60442 | $4,875 | $6,872 | $8,878 | $10,899 | $13,199 |
Source: Ownwell