Keyesport, Illinois Property Taxes
The median property tax rate in Keyesport, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Keyesport being $54,177, the typical annual property tax bill reaches $1,138, exceeding the national median of $2,690. Property taxes in Keyesport 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 Keyesport'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 Keyesport 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
Keyesport, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$1,327
$1,297
Ownwell’s Keyesport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keyesport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keyesport 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 Keyesport, Illinois
Property taxes in Keyesport, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Keyesport is 2.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Keyesport set these rates annually, and they can vary across different neighborhoods. Each year, Keyesport 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. Understanding how Keyesport's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Bond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keyesport Tax Rate
2.45%
Average Bond County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keyesport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62253 | 1.08% | 1.79% | 2.45% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Keyesport, Illinois
In Keyesport, 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 Bond County Assessment Office 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 Keyesport, 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. For instance, the median home price is $54,177, with tax bills ranging from $666 at the 25th percentile to $2,287 at the 90th percentile. The highest and lowest median tax bills are both $1,138 in the 62253 zip code. By understanding 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 Keyesport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keyesport Assessed Value
$54,177
Average Bond County Assessed Value
$56,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keyesport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62253 | $10,992 | $44,338 | $54,177 | $69,714 | $101,307 |
Source: Ownwell
Property Tax Bills Across Keyesport, Illinois
In Keyesport, IL, within Bond County, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Keyesport is $54,177. Property tax rates in this area are influenced by local government budgets, school funding, and public services. For homeowners in Keyesport, the 25th percentile tax bill is $666, while the 75th percentile reaches $1,650, and the 90th percentile can go up to $2,287. These tax bills can significantly impact homeowners' finances, as they are an ongoing expense that must be budgeted for annually. Comparing to the national median property tax rate of 0.99%, Keyesport's tax rates reflect local economic conditions and public funding needs. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Keyesport Tax Bill
$1,138
Average Bond County Tax Bill
$1,285
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Keyesport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62253 | $286 | $666 | $1,138 | $1,650 | $2,287 |
Source: Ownwell