Perry, Illinois Property Taxes
The median property tax rate in Perry, IL is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Perry at $47,175, the typical annual property tax bill reaches $857, which is below the national median of $2,690. Property taxes in Perry 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 Perry'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 Perry 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
Perry, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Perry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Perry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Perry 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 Perry, Illinois
Property taxes in Perry, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Perry is 2.03%, significantly higher than the U.S. national median of 0.99%. Local government entities within Perry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Perry 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 Perry's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62362 zip code has the highest median property tax rate of 2.03%, while the 62362 zip code also has the lowest median tax rate of 2.03%. Understanding how these areas compare with Perry provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Perry Tax Rate
2.03%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Perry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62362 | 0.83% | 1.39% | 2.03% | 2.83% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Perry, Illinois
In Perry, 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 Pike 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 Perry, 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 Perry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $857 in the zip code 62362, reflecting a significant range in tax burdens across the area.
Average Perry Assessed Value
$47,175
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Perry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62362 | $14,430 | $28,050 | $47,175 | $73,598 | $93,582 |
Source: Ownwell
Property Tax Bills Across Perry, Illinois
In Perry, located in Pike County, IL, property tax bills are calculated by applying the local tax rate to the assessed value of the property. The assessed value is typically a percentage of the property's market value, which in Perry, has a median home price of $47,175. Factors such as the property's location, size, and improvements can influence its assessed value. Homeowners in Perry experience a range of tax bills. For instance, the 25th percentile tax bill is around $407, while the 75th percentile reaches $1,440. At the higher end, the 90th percentile tax bill can be as much as $1,974. These tax bills are crucial for homeowners to consider, as they can significantly impact annual expenses. Comparatively, the highest and lowest median tax bills in the county are both $857, which is below the national median property tax rate of 0.99%. Understanding these factors helps homeowners better manage their financial planning and anticipate their property tax obligations.
Average Perry Tax Bill
$857
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Perry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62362 | $210 | $407 | $857 | $1,440 | $1,974 |
Source: Ownwell