Stoy, Illinois Property Taxes
The median property tax rate in STOY, IL is 1.59%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in STOY, the typical annual property tax bill reaches $379, significantly below the national median of $2,690. Property taxes in STOY 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 STOY'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 STOY 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
Stoy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$390
$381
Ownwell’s STOY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in STOY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in STOY 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 Stoy, Illinois
Property taxes in STOY, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in STOY is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within STOY set these rates annually, and they can vary significantly across different neighborhoods. Each year, STOY 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 STOY's effective property tax rate to other areas and the national median. For comparison, 62464 has the highest median property tax rate of 1.59%, while 62464 also has the lowest median tax rate of 1.59%. Understanding how these areas compare with STOY provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stoy Tax Rate
1.59%
Average Crawford County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stoy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62464 | 0.90% | 1.16% | 1.59% | 2.01% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Stoy, Illinois
In STOY, 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 Crawford 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 STOY, 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 highest median tax bill in the region is $379 in the 62464 zip code. 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 STOY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stoy Assessed Value
$24,538
Average Crawford County Assessed Value
$84,633
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stoy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62464 | $23,570 | $23,933 | $24,538 | $25,144 | $25,507 |
Source: Ownwell
Property Tax Bills Across Stoy, Illinois
In STOY, Crawford 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 local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $24,538, homeowners can expect varying tax bills. The 25th percentile tax bill is around $284, while the 75th percentile reaches approximately $474, and the 90th percentile is about $531. These tax bills are influenced by several factors, including the local tax rate and the assessed value of the property. Compared to the national median property tax rate of 0.99%, homeowners in STOY may find their tax bills relatively manageable. However, these taxes still represent a significant expense for homeowners, impacting their overall cost of living and financial planning. Understanding how these bills are calculated can help homeowners better anticipate their annual expenses and manage their finances more effectively.
Average Stoy Tax Bill
$379
Average Crawford County Tax Bill
$1,940
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stoy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62464 | $227 | $284 | $379 | $474 | $531 |
Source: Ownwell