Campus, Illinois Property Taxes
The median property tax rate in Campus, IL is 2.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Campus at $98,818, the typical annual property tax bill reaches $2,844, exceeding the national median of $2,690. Property taxes in Campus 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 Campus'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 Campus 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
Campus, 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 CAMPUS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAMPUS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAMPUS 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 Campus, Illinois
Property taxes in CAMPUS, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in CAMPUS is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within CAMPUS set these rates annually, and they can vary significantly across different neighborhoods. Each year, CAMPUS 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 CAMPUS's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60920 zip code has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with CAMPUS provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Campus Tax Rate
2.64%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Campus, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60920 | 2.55% | 2.55% | 2.64% | 2.79% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Campus, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Campus, 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 Livingston County Assessment Office 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 Campus 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 Campus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Campus, the zip code with the highest median tax bill is 60920, with a median tax bill of $2,844. The lowest median tax bill is also found in the same zip code, 60920, with a median tax bill of $2,844.
Average Campus Assessed Value
$98,818
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Campus, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60920 | $30,212 | $40,978 | $98,818 | $175,874 | $221,228 |
Source: Ownwell
Property Tax Bills Across Campus, Illinois
Property tax bills in Campus, Livingston County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate. In Campus, the median home price is $98,818, and the property tax rate is higher than the national median of 0.99%. Homeowners in the 25th percentile pay an annual tax bill of $1,046, while those in the 75th percentile face a bill of $5,080. At the 90th percentile, the tax bill can reach up to $6,144. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions. Higher property taxes can impact homeowners by increasing their monthly housing costs, but these taxes fund essential public services like schools, roads, and emergency services. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Campus Tax Bill
$2,844
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Campus, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60920 | $771 | $1,046 | $2,844 | $5,080 | $6,144 |
Source: Ownwell