Minonk, Illinois Property Taxes
The median property tax rate in Minonk, Illinois is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Minonk at $89,860, the typical annual property tax bill reaches $2,050, still below the national median of $2,690. Property taxes in Minonk 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 Minonk'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 Minonk 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
Minonk, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$2,282
$2,230
Ownwell’s Minonk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minonk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minonk 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 Minonk, Illinois
Property taxes in Minonk, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minonk is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Minonk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minonk 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 Minonk's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61760 zip code has the highest median property tax rate of 2.54%, while the same zip code also has the lowest median tax rate of 2.54%. Understanding how these cities compare with Minonk provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minonk Tax Rate
2.54%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minonk, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61760 | 1.80% | 2.26% | 2.54% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Minonk, Illinois
In Minonk, 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 Woodford County Assessor 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 Minonk, 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 Minonk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Minonk are both $2,050, found in the 61760 zip code.
Average Minonk Assessed Value
$89,860
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minonk, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61760 | $12,345 | $47,273 | $89,860 | $136,696 | $190,208 |
Source: Ownwell
Property Tax Bills Across Minonk, Illinois
In Minonk, located in Woodford County, IL, property tax bills are determined based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Factors considered in this calculation include the property's location, size, and any applicable exemptions or deductions. For instance, the median home price in Minonk is $89,860, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,047, while those in the 75th percentile might see bills as high as $3,333. At the 90th percentile, tax bills can reach up to $4,920. These figures highlight the range of property tax obligations homeowners might face, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Minonk's property tax rates can have a substantial impact on homeowners' annual expenses.
Average Minonk Tax Bill
$2,050
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Minonk, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61760 | $356 | $1,047 | $2,050 | $3,333 | $4,920 |
Source: Ownwell