Casey, Illinois Property Taxes
The median property tax rate in Casey, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Casey at $65,877, the typical annual property tax bill reaches $1,636, exceeding the national median of $2,690. Property taxes in Casey 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 Casey'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 Casey 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
Casey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$1,574
$1,538
Ownwell’s Casey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Casey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Casey 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 Casey, Illinois
Property taxes in Casey, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Casey is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Casey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Casey 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 Casey's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62420 zip code has both the highest and the lowest median property tax rate of 2.39%. Understanding how these cities compare with Casey provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Casey Tax Rate
2.39%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | 1.96% | 2.39% | 2.39% | 2.51% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Casey, Illinois
In Casey, 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 Coles 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 Casey, 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 Casey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,636 in the 62420 zip code, which also has the lowest median tax bill.
Average Casey Assessed Value
$65,877
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | $8,705 | $18,927 | $65,877 | $88,971 | $144,386 |
Source: Ownwell
Property Tax Bills Across Casey, Illinois
In Casey, Coles 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 annual tax bill. Factors such as location, property size, and improvements can influence the assessed value. For instance, the median home price in Casey is $65,877, and the property tax rate in this region can vary significantly. Homeowners at the 25th percentile pay around $593 annually, while those at the 75th percentile face a tax bill of approximately $2,265. At the 90th percentile, the tax bill can reach up to $3,327. These variations can significantly impact homeowners' finances, making it crucial to understand how local assessments and rates may affect annual property tax obligations. Compared to the national median property tax rate of 0.99%, Casey's rates can be both lower and higher, depending on the specific property and assessed value.
Average Casey Tax Bill
$1,636
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | $411 | $593 | $1,636 | $2,265 | $3,327 |
Source: Ownwell