Casey, Illinois Property Taxes
The median property tax rate in Casey, IL is 2.27%, which is 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 at $64,964, the typical annual property tax bill reaches $1,360, 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 helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Casey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Casey 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 Casey, Illinois
Property taxes in Casey, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Casey is 2.27%, 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 both the highest and lowest median property tax rate of 2.27%. Understanding how these areas compare with Casey provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Casey Tax Rate
2.27%
Average Clark County Tax Rate
2.09%
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 | 1.16% | 1.85% | 2.27% | 2.87% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Casey, Illinois
In Casey, 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 Clark 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 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. 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 Casey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Casey's 62420 zip code stands at $1,360, while the lowest median tax bill is also $1,360.
Average Casey Assessed Value
$64,964
Average Clark County Assessed Value
$71,601
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 | $16,241 | $35,138 | $64,964 | $102,596 | $150,431 |
Source: Ownwell
Property Tax Bills Across Casey, Illinois
Property tax bills in Casey, located in Clark County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Casey, the median home price is $64,964, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $667 annually, while those in the 75th percentile see bills of approximately $2,306. For the top 10% of property values, tax bills can reach up to $3,633. Several factors influence these tax bills, including property location, market conditions, and any applicable exemptions. The local tax rate plays a crucial role, and in Casey, it can lead to tax bills that differ significantly from the national median property tax rate of 0.99%. For homeowners, understanding these factors is essential, as property taxes impact overall housing costs and long-term financial planning.
Average Casey Tax Bill
$1,360
Average Clark County Tax Bill
$1,431
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 | $310 | $667 | $1,360 | $2,306 | $3,633 |
Source: Ownwell