Carlock, Illinois Property Taxes
The median property tax rate in Carlock, IL is 2.24%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Carlock, the typical annual property tax bill reaches $3,926, far exceeding the national median of $2,690. Property taxes in Carlock 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 Carlock'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 Carlock 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
Carlock, 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 Carlock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carlock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carlock 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 Carlock, Illinois
Property taxes in Carlock, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Carlock is 2.24%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carlock set these rates annually, and they can vary considerably across different neighborhoods. Each year, Carlock 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 Carlock's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61725 zip code has the highest median property tax rate of 2.24%, while the same zip code also holds the lowest median tax rate of 2.24%. Understanding how these cities compare with Carlock provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carlock Tax Rate
2.24%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carlock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61725 | 1.97% | 2.10% | 2.24% | 2.35% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Carlock, Illinois
In Carlock, 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 Woodford 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 Carlock, 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. Carlock’s property tax bills range significantly, with the 25th percentile at $973 and the 90th percentile reaching $8,205. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carlock Assessed Value
$178,392
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carlock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61725 | $6,646 | $40,676 | $178,392 | $274,378 | $355,543 |
Source: Ownwell
Property Tax Bills Across Carlock, Illinois
In Carlock, located in Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Carlock, the median home price is $178,392. Property tax bills can vary significantly; the 25th percentile tax bill is $973, while the 75th percentile reaches $6,007, and the 90th percentile goes up to $8,205. These variations are influenced by factors such as property size, location, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Carlock's rates can be considered relatively moderate or high, depending on the specific property. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Carlock Tax Bill
$3,926
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carlock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61725 | $152 | $973 | $3,926 | $6,007 | $8,205 |
Source: Ownwell