Barry, Illinois Property Taxes
The median property tax rate in Barry, IL is 2.23%, which is considerably higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With the median home value in Barry at $11,910, the typical annual property tax bill is $265, which is significantly lower than the national median of $2,690. Property taxes in Barry 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 Barry'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 Barry 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
Barry, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$266
$246
Ownwell’s Barry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barry 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 Barry, Illinois
Property taxes in Barry, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barry is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barry 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 Barry's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62312 zip code has the highest median property tax rate of 2.23%, while the same zip code also has the lowest median tax rate of 2.23%. Understanding how these cities compare with Barry provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barry Tax Rate
2.23%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62312 | 2.23% | 2.23% | 2.23% | 2.23% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Barry, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barry, 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 Adams 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. In Barry, 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 Barry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 62312, both standing at $265.
Average Barry Assessed Value
$11,910
Average Adams County Assessed Value
$88,290
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62312 | $11,910 | $11,910 | $11,910 | $11,910 | $11,910 |
Source: Ownwell
Property Tax Bills Across Barry, Illinois
In Barry, located in Adams County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Barry is $11,910, and the property tax rate is applied to this assessed value. The tax rate in Barry is notably lower than the national median property tax rate of 0.99%. Tax bills in Barry are relatively consistent, with the 25th, 75th, and 90th percentiles all at $265. This uniformity suggests a stable tax environment for homeowners. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial as they directly impact annual expenses. Lower property tax rates can make homeownership more affordable, potentially attracting new residents and contributing to the local economy. In Barry, the highest and lowest median tax bills are both $265, indicating a predictable and manageable tax burden for property owners.
Average Barry Tax Bill
$265
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62312 | $265 | $265 | $265 | $265 | $265 |
Source: Ownwell