Camargo, Illinois Property Taxes
The median property tax rate in Camargo, IL is 2.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Camargo at $114,444, the typical annual property tax bill reaches $2,457, just below the national median of $2,690. Property taxes in Camargo 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 Camargo'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 Camargo 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
Camargo, 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 Camargo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Camargo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Camargo 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 Camargo, Illinois
Property taxes in Camargo, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Camargo is 2.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Camargo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Camargo 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 Camargo's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61919 has the highest median property tax rate of 2.20%, while the same zip code 61919 also has the lowest median tax rate of 2.20%. Understanding how these areas compare with Camargo provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Camargo Tax Rate
2.20%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Camargo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61919 | 1.29% | 1.95% | 2.20% | 2.39% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Camargo, Illinois
In Camargo, 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 Douglas 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 Camargo, 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 Camargo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61919, amounting to $2,457.
Average Camargo Assessed Value
$114,444
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Camargo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61919 | $34,396 | $76,787 | $114,444 | $169,640 | $273,228 |
Source: Ownwell
Property Tax Bills Across Camargo, Illinois
In Camargo, located in Douglas County, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For instance, if the median home price in Camargo is $114,444, the assessed value would be a portion of this amount, as determined by local assessment rules. The local tax rate is applied to this assessed value to determine your annual property tax bill. In Camargo, property tax bills can vary significantly. For example, the 25th percentile tax bill is around $1,395, while the 75th percentile reaches up to $3,944. At the 90th percentile, homeowners might see tax bills as high as $6,044. These tax bills can impact homeowners differently, depending on the value of their property and the specific tax rate applied. Higher property values and rates result in higher tax bills, which can influence decisions on homeownership and property investments in the area.
Average Camargo Tax Bill
$2,457
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Camargo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61919 | $599 | $1,395 | $2,457 | $3,944 | $6,044 |
Source: Ownwell