Monee, Illinois Property Taxes
The median property tax rate in Monee, IL is 3.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Monee at $229,755, the typical annual property tax bill reaches $7,374, far exceeding the national median of $2,690. Property taxes in Monee 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 Monee'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 Monee 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
Monee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.32%
Estimate Property Tax Bill
$7,628
$7,078
Ownwell’s Monee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monee 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 Monee, Illinois
Property taxes in Monee, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monee is 3.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Monee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monee 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. For comparison, the highest median property tax rate in the region is also 3.32%, while the lowest median tax rate is likewise 3.32%. Understanding how these cities compare with Monee provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monee Tax Rate
3.32%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60449 | 1.88% | 1.99% | 3.32% | 3.59% | 3.69% |
Source: Ownwell
Property Tax Assessment Values Across Monee, Illinois
In Monee, 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 Will 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 Monee, 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 Monee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60449 has the highest and lowest median tax bill, both standing at $7,374.
Average Monee Assessed Value
$229,755
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 Monee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60449 | $153,174 | $183,230 | $229,755 | $347,614 | $446,630 |
Source: Ownwell
Property Tax Bills Across Monee, Illinois
Property tax bills in Monee, Will County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Monee, the median home price is $229,755, and tax bills can vary significantly. At the 25th percentile, homeowners pay around $5,831 annually, while those at the 75th percentile see bills of approximately $8,822. The top 10% of property tax bills can reach up to $11,025. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Monee's tax rates can be higher, reflecting the local government's funding needs for public services such as schools and infrastructure. This higher tax burden can affect homeowners by increasing their annual expenses, making it essential to understand and potentially appeal property assessments to ensure fair taxation.
Average Monee Tax Bill
$7,374
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Monee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60449 | $4,467 | $5,831 | $7,374 | $8,822 | $11,025 |
Source: Ownwell