Clay City, Illinois Property Taxes
The median property tax rate in Clay City, IL is 1.72%, considerably higher than the national median of 0.99%, yet lower than the Illinois state median of 2.35%. With the median home value in Clay City at $39,450, the typical annual property tax bill reaches $641, which is below the national median of $2,690. Property taxes in Clay City are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Clay City'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 Clay City 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
Clay City, 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 Clay City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clay City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clay City 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 Clay City, Illinois
Property taxes in Clay City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clay City is 1.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Clay City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clay City 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 Clay City's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62824 has both the highest and lowest median property tax rate of 1.72%. Understanding how these cities compare with Clay City provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clay City Tax Rate
1.72%
Average Clay County Tax Rate
1.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clay City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62824 | 0.51% | 1.05% | 1.72% | 2.11% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Clay City, Illinois
In Clay City, 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 Clay 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. Assessment notices in Clay City 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 Clay City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $641 in the 62824 zip code, while the lowest is also $641, indicating a consistent tax burden across the region.
Average Clay City Assessed Value
$39,450
Average Clay County Assessed Value
$42,012
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clay City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62824 | $11,154 | $20,928 | $39,450 | $78,806 | $123,081 |
Source: Ownwell
Property Tax Bills Across Clay City, Illinois
In Clay City, Illinois, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Clay City is $39,450, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as the property's location, improvements, and the local government's budgetary needs influence the final tax amount. For example, in Clay City, the 25th percentile tax bill is $219, while the 75th percentile tax bill reaches $1,487, and the 90th percentile tax bill can go up to $2,499. These variations show how different factors impact the tax bills. Homeowners in this region face property tax bills that can significantly differ based on their property's assessed value and the local tax rate, which in Clay City is relatively modest compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Clay City Tax Bill
$641
Average Clay County Tax Bill
$639
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Clay City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62824 | $89 | $219 | $641 | $1,487 | $2,499 |
Source: Ownwell