Kenney, Illinois Property Taxes
The median property tax rate in Kenney, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kenney, the typical annual property tax bill reaches $3,397, exceeding the national median of $2,690. Property taxes in Kenney 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 Kenney'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 Kenney 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
Kenney, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$2,678
$2,485
Ownwell’s Kenney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenney 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 Kenney, Illinois
Property taxes in Kenney, Illinois, play an essential role in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenney is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kenney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenney 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 Kenney's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61749 has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Kenney provides valuable insights into the varying tax landscape across De Witt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenney Tax Rate
2.25%
Average De Witt County Tax Rate
2.10%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61749 | 1.82% | 1.96% | 2.25% | 3.90% | 7.59% |
Source: Ownwell
Property Tax Assessment Values Across Kenney, Illinois
In Kenney, 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 De Witt 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 Kenney, 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. For instance, the median home price in Kenney stands at $119,019, with tax bills ranging from $2,215 at the 25th percentile to $9,182 at the 90th percentile. The zip code 61749 has the highest median tax bill at $3,397. 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 Kenney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kenney Assessed Value
$119,019
Average De Witt County Assessed Value
$142,472
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61749 | $65,424 | $89,499 | $119,019 | $169,994 | $282,301 |
Source: Ownwell
Property Tax Bills Across Kenney, Illinois
In Kenney, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the property's market value. For example, if the median home price is $119,019, the assessed value would be a fraction of this amount. The tax rate in De Witt County is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including the property's location, any applicable exemptions, and the specific tax rates set by local taxing authorities. Homeowners in Kenney can expect a range of tax bills. The 25th percentile tax bill is around $2,215, while those in the 75th percentile face bills of about $6,262. At the 90th percentile, tax bills can reach up to $9,182. These variations significantly impact homeowners, as higher property taxes can influence housing affordability and overall cost of living. Comparing to the national median property tax rate of 0.99%, Kenney's rates are notably higher, reflecting regional differences in taxation.
Average Kenney Tax Bill
$3,397
Average De Witt County Tax Bill
$3,614
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61749 | $1,622 | $2,215 | $3,397 | $6,262 | $9,182 |
Source: Ownwell