Gays, Illinois Property Taxes
The median property tax rate in Gays, IL is 2.12%, significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $87,897 in Gays, the typical annual property tax bill amounts to $1,906, which is below the national median of $2,690. Property taxes in Gays are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Gays' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gays or another part of Coles County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gays, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$1,863
$1,821
Ownwell’s Gays Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gays with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gays 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 Gays, Illinois
Property taxes in Gays, Illinois, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gays is 2.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gays set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gays 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 Gays' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61928 zip code has the highest median property tax rate of 2.12%, while the same zip code also holds the lowest median tax rate of 2.12%. Understanding how these cities compare with Gays provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gays Tax Rate
2.12%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gays, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61928 | 1.85% | 1.93% | 2.12% | 2.20% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Gays, Illinois
In Gays, 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 Coles 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 Gays, 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 Gays helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Gays are both $1,906, found in the 61928 zip code.
Average Gays Assessed Value
$87,897
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gays, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61928 | $32,904 | $69,312 | $87,897 | $117,573 | $158,681 |
Source: Ownwell
Property Tax Bills Across Gays, Illinois
In Gays, Coles County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which in Gays is influenced by the median home price of $87,897. Local tax authorities then apply the relevant tax rate to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the home's location within specific school districts or special service areas, which may levy additional taxes. For homeowners, this means that the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $1,522, while at the 75th percentile, it reaches $2,369, and at the 90th percentile, it can be as high as $3,246. Comparatively, the median tax rate in Gays is higher than the national median property tax rate of 0.99%, impacting homeowners by requiring a larger portion of their budget for property taxes. This can affect affordability and the overall cost of homeownership in the area.
Average Gays Tax Bill
$1,906
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gays, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61928 | $645 | $1,522 | $1,906 | $2,369 | $3,246 |
Source: Ownwell