Manteno, Illinois Property Taxes
The median property tax rate in Manteno, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Manteno at $236,614, the typical annual property tax bill reaches $4,905, exceeding the national median of $2,690. Property taxes in Manteno 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 Manteno'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 Manteno 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
Manteno, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,993
$4,879
Ownwell’s Manteno Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Manteno with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manteno to provide an accurate estimate of your property tax bill. This invaluable tool offers a clear understanding of potential tax liabilities, allowing you to make informed financial decisions. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Manteno, Illinois
Property taxes in Manteno, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manteno is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Manteno set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manteno 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 Manteno's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in the county is also 2.11% in the 60950 zip code, while the lowest median tax rate is similarly 2.11% in the same zip code. Understanding how these cities compare with Manteno provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manteno Tax Rate
2.11%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manteno, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60950 | 1.59% | 1.89% | 2.11% | 2.26% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Manteno, Illinois
In Manteno, 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 local 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 Manteno, 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 Manteno helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60950 in Manteno has the highest median tax bill at $4,905, which is the same as the lowest median tax bill, highlighting a consistent tax burden across the area.
Average Manteno Assessed Value
$236,614
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manteno, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60950 | $147,968 | $188,669 | $236,614 | $314,050 | $356,208 |
Source: Ownwell
Property Tax Bills Across Manteno, Illinois
In Manteno, located in Will County, IL, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, and local taxing authorities apply their specific rates to this value to calculate the tax bill. For instance, with a median home price of $236,614, homeowners can expect tax bills to vary depending on their property's assessed value and the applicable rate. Homeowners in Manteno can see a range of property tax bills. For example, the 25th percentile tax bill is $3,961, while the 75th percentile reaches $6,019, and the 90th percentile can go as high as $8,229. These figures indicate that property taxes in Manteno can be quite variable, depending on the specific characteristics and assessed values of the properties. Compared to the national median property tax rate of 0.99%, Manteno's property taxes can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Manteno Tax Bill
$4,905
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Manteno, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60950 | $3,366 | $3,961 | $4,905 | $6,019 | $8,229 |
Source: Ownwell