Carmi, Illinois Property Taxes
The median property tax rate in Carmi, Illinois is 1.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Carmi, the typical annual property tax bill reaches $1,042, exceeding the national median of $2,690. Property taxes in Carmi 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 Carmi'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 Carmi 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
Carmi, 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 Carmi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carmi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carmi 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 Carmi, Illinois
Property taxes in Carmi, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carmi is 1.91%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carmi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carmi 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 Carmi's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62821 zip code has the highest median property tax rate of 1.91%, while the same zip code also has the lowest median tax rate of 1.91%. Understanding how these cities compare with Carmi provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carmi Tax Rate
1.91%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carmi, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62821 | 0.87% | 1.45% | 1.91% | 2.26% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Carmi, Illinois
In Carmi, 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 local 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 Carmi, 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 Carmi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Carmi is $1,042 in the 62821 zip code, which is also the lowest median tax bill.
Average Carmi Assessed Value
$59,198
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carmi, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62821 | $17,458 | $33,830 | $59,198 | $101,710 | $152,517 |
Source: Ownwell
Property Tax Bills Across Carmi, Illinois
Property tax bills in Carmi, White County, IL are calculated based on the assessed value of a property, which is typically a percentage of its market value. Local tax authorities determine this assessed value, and then a tax rate, set by the local government, is applied. The median home price in Carmi is $59,198, and the property tax rate can significantly impact homeowners. For example, property tax bills range from $518 at the 25th percentile to $3,139 at the 90th percentile, showcasing the variability based on property values and specific tax rates. The median property tax bill in Carmi is $1,042, which is slightly above the national median property tax rate of 0.99%. This means that homeowners in Carmi may pay a higher percentage of their property's value in taxes compared to the national average. Understanding these factors is crucial for homeowners as it directly influences their annual financial planning and overall affordability of homeownership in the region.
Average Carmi Tax Bill
$1,042
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carmi, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62821 | $224 | $518 | $1,042 | $1,930 | $3,139 |
Source: Ownwell