Casey, Illinois Property Taxes
The median property tax rate in Casey, IL is 2.08%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Casey, the typical annual property tax bill reaches $1,781, exceeding the national median of $2,690. Property taxes in Casey 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 Casey'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 Casey 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
Casey, 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 Casey Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Casey with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Casey to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, offering clarity and peace of mind. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Casey, Illinois
Property taxes in Casey, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Casey is 2.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Casey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Casey 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 Casey's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62420 has the highest median property tax rate of 2.08%, while the same zip code also has the lowest median tax rate of 2.08%. Understanding how these cities compare with Casey provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Casey Tax Rate
2.08%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | 1.14% | 1.76% | 2.08% | 2.28% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Casey, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Casey, Illinois. 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 Cumberland 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 Casey, 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. Notably, the median home price in Casey is $87,810, with tax bills ranging from $1,023 at the 25th percentile to $4,878 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 62420, with a median tax bill of $1,781. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Casey Assessed Value
$87,810
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | $29,349 | $59,523 | $87,810 | $142,712 | $238,842 |
Source: Ownwell
Property Tax Bills Across Casey, Illinois
Property tax bills in Casey, located in Cumberland County, IL, are determined by evaluating the assessed value of a property, which is typically a percentage of its market value. Homeowners in Casey experience property tax rates that can vary significantly based on several factors, including the property's assessed value and the specific tax levies imposed by local government entities like school districts and municipal services. For instance, the median home price in Casey is $87,810. With property tax rates influenced by local levies, homeowners can expect tax bills ranging widely. The 25th percentile tax bill is approximately $1,023, while those in the 75th percentile see bills around $3,200. At the higher end, the 90th percentile tax bill reaches $4,878. The highest median tax bill in the area is $1,781, which is notably higher than the national median property tax rate of 0.99%. These tax bills impact homeowners by contributing to the funding of essential public services such as education, infrastructure, and emergency services, thereby enhancing community living standards.
Average Casey Tax Bill
$1,781
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | $527 | $1,023 | $1,781 | $3,200 | $4,878 |
Source: Ownwell