Payson, Illinois Property Taxes
The median property tax rate in Payson, Illinois is 2.06%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Payson, the typical annual property tax bill reaches $1,035, exceeding the national median of $2,690. Property taxes in Payson 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 Payson'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 Payson 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
Payson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$1,285
$1,255
Ownwell’s Payson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Payson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Payson 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 Payson, Illinois
Property taxes in Payson, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Payson is 2.06%, significantly higher than the U.S. national median of 0.99%. Local government entities within Payson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Payson 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 Payson's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62360 zip code has the highest median property tax rate of 2.06%, while the 62360 zip code also has the lowest median tax rate of 2.06%. Understanding how these cities compare with Payson provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Payson Tax Rate
2.06%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Payson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62360 | 1.57% | 1.70% | 2.06% | 2.33% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Payson, Illinois
In Payson, 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 Adams 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 Payson, 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 Payson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62360, with a median tax bill of $1035, while the lowest median tax bill is also found in the same zip code at $1035.
Average Payson Assessed Value
$62,370
Average Adams County Assessed Value
$88,290
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Payson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62360 | $32,652 | $43,290 | $62,370 | $84,878 | $101,685 |
Source: Ownwell
Property Tax Bills Across Payson, Illinois
In Payson, located in Adams County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For context, the national median property tax rate is 0.99%, but rates can vary significantly by location. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, Payson homeowners with properties valued at the median home price of $62,370 can expect their tax bills to range widely. The 25th percentile tax bill is about $695, while the 75th percentile tax bill climbs to $1,665, and the 90th percentile reaches $2,247. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must stay informed about their property tax obligations to manage their finances effectively.
Average Payson Tax Bill
$1,035
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Payson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62360 | $636 | $695 | $1,035 | $1,665 | $2,247 |
Source: Ownwell