Huey, Illinois Property Taxes
The median property tax rate in Huey, IL is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Huey at $67,680, the typical annual property tax bill reaches $1,104, exceeding the national median of $2,690. Property taxes in Huey 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 Huey'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 Huey 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
Huey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$1,577
$1,541
Ownwell’s Huey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Huey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Huey 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 Huey, Illinois
Property taxes in Huey, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Huey is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Huey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Huey 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 Huey's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62252 has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Huey provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Huey Tax Rate
2.33%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Huey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62252 | 1.32% | 1.75% | 2.33% | 2.35% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Huey, Illinois
In Huey, 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 Clinton 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 Huey, 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. The median home price in Huey is $67,680, with tax bills ranging from $415 at the 25th percentile to $2,750 at the 90th percentile. The zip code 62252 has both the highest and lowest median tax bill at $1,104. Being aware of these valuation processes in Huey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Huey Assessed Value
$67,680
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Huey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62252 | $14,229 | $31,734 | $67,680 | $83,310 | $134,640 |
Source: Ownwell
Property Tax Bills Across Huey, Illinois
In Huey, IL, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Various factors such as location, property size, and home improvements are considered in this assessment. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Huey, the tax burden can vary significantly. For example, the 25th percentile of tax bills is around $415, while the 75th percentile reaches $2,029, and the 90th percentile can go up to $2,750. These figures highlight the range of property tax obligations depending on property value and other factors. Compared to the national median property tax rate of 0.99%, homeowners in Huey may find their tax bills to be relatively moderate or high, impacting their annual budgeting and financial planning.
Average Huey Tax Bill
$1,104
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Huey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62252 | $266 | $415 | $1,104 | $2,029 | $2,750 |
Source: Ownwell