Carthage, Illinois Property Taxes
The median property tax rate in Carthage, IL is 2.87%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Carthage at $52,264, the typical annual property tax bill reaches $1,470, exceeding the national median of $2,690. Property taxes in Carthage 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 Carthage'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 Carthage 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
Carthage, 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 Carthage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carthage 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 Carthage, Illinois
Property taxes in Carthage, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 2.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62321 zip code has both the highest and lowest median property tax rate of 2.87%. Understanding how these cities compare with Carthage provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
2.87%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62321 | 2.51% | 2.64% | 2.87% | 2.87% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Illinois
In Carthage, 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 Hancock 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 Carthage, 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. Carthage's median home price is $52,264, with tax bills ranging from $1,032 at the 25th percentile to $3,183 at the 90th percentile. The zip code 62321 has the highest and lowest median tax bill, both at $1,470. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carthage Assessed Value
$52,264
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carthage, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62321 | $14,105 | $35,930 | $52,264 | $79,752 | $110,823 |
Source: Ownwell
Property Tax Bills Across Carthage, Illinois
In Carthage, located in Hancock County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county's assessor determines this value, and it is then multiplied by the local tax rate to compute the annual tax bill. The median home price in Carthage is $52,264, and the property tax rate is derived from the local government's budgetary needs and the total assessed value of properties within the jurisdiction. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Carthage is $1,032, while the 75th percentile tax bill is $2,130, and the 90th percentile tax bill reaches $3,183. Homeowners in Carthage can expect their property tax bills to vary based on these assessments and local tax rates, which can significantly affect their annual financial planning. Compared to the national median property tax rate of 0.99%, Carthage's property taxes reflect the local economic and governmental landscape.
Average Carthage Tax Bill
$1,470
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62321 | $393 | $1,032 | $1,470 | $2,130 | $3,183 |
Source: Ownwell