Centralia, Illinois Property Taxes
The median property tax rate in Centralia, IL, is 2.14%, significantly higher than the national median of 0.99% but slightly lower than the Illinois state median of 2.35%. With the median home value in Centralia being $41,451, the typical annual property tax bill amounts to $991, which is below the national median of $2,690. Property taxes in Centralia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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
2.14%
Estimate Property Tax Bill
$887
$867
Ownwell’s Centralia Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Centralia. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Centralia to provide an accurate estimate of your property tax bill. This user-friendly tool offers clear insights into potential tax liabilities, helping you make informed financial decisions. For those curious about property tax trends on a neighborhood level, more localized information is available by scrolling down. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Centralia, Illinois
Property taxes in Centralia, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centralia is 2.14%, significantly higher than 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 areas in Illinois and the national median. For comparison, the zip code 62801 has the highest median property tax rate of 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these areas compare with Centralia provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centralia Tax Rate
2.14%
Average Washington County Tax Rate
2.25%
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 | 1.24% | 1.96% | 2.14% | 3.37% | 3.81% |
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 Washington 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 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 and lowest median tax bills in the area both stand at $991.00 in the 62801 zip code, reflecting the local property tax landscape.
Average Centralia Assessed Value
$41,451
Average Washington County Assessed Value
$38,358
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 | $8,175 | $15,951 | $41,451 | $56,559 | $73,614 |
Source: Ownwell
Property Tax Bills Across Centralia, Illinois
In Centralia, located in Washington County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. For instance, with a median home price of $41,451, the tax bill can vary significantly across different percentiles. Homeowners in the 25th percentile can expect a tax bill around $540, while those in the 75th percentile might see bills closer to $1,297. At the 90th percentile, tax bills can reach up to $1,584. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Centralia's rates reflect the local economic conditions and funding needs of public services. For homeowners, understanding these factors is crucial as it directly impacts annual financial planning and the overall cost of property ownership. Knowing how these elements interplay can help residents anticipate changes in their tax obligations and seek potential relief or exemptions where applicable.
Average Centralia Tax Bill
$991
Average Washington County Tax Bill
$660
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 | $199 | $540 | $991 | $1,297 | $1,584 |
Source: Ownwell