Centralia, Illinois Property Taxes
The median property tax rate in Centralia, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Centralia, the typical annual property tax bill reaches $891, which is still below the national median of $2,690. Property taxes in Centralia 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 Centralia'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 Centralia 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
Centralia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$955
$933
Ownwell’s Centralia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Centralia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Centralia 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 Centralia, Illinois
Property taxes in Centralia, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centralia is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Centralia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centralia 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 Centralia's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62801 zip code has the highest median property tax rate of 2.53%, while the same zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Centralia provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centralia Tax Rate
2.53%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centralia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62801 | 0.95% | 1.84% | 2.53% | 3.09% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Centralia, Illinois
In Centralia, 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 Marion County Assessor 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 Centralia, 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 Centralia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Centralia is $891.00 in the 62801 zip code, reflecting the importance of understanding these values to manage your property taxes effectively.
Average Centralia Assessed Value
$37,740
Average Marion County Assessed Value
$53,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centralia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62801 | $5,442 | $15,390 | $37,740 | $89,250 | $170,940 |
Source: Ownwell
Property Tax Bills Across Centralia, Illinois
In Centralia, located in Marion County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property size, location, and market conditions play a significant role in the assessment process. Homeowners in Centralia experience a range of tax bills. For instance, the 25th percentile tax bill is around $288, while the 75th percentile tax bill rises to approximately $2,090. At the higher end, the 90th percentile tax bill can reach up to $4,026. The median home price in Centralia is $37,740, which influences these tax figures. Compared to the national median property tax rate of 0.99%, Centralia's property tax rates can vary significantly, impacting homeowners differently based on their property's assessed value. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Centralia Tax Bill
$891
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Centralia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62801 | $112 | $288 | $891 | $2,090 | $4,026 |
Source: Ownwell