Crescent City, Illinois Property Taxes
The median property tax rate in Crescent City, Illinois is 2.59%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Crescent City at $88,332, the typical annual property tax bill reaches $2,158, which is below the national median of $2,690. Property taxes in Crescent City are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Crescent City'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 Crescent City or another part of Iroquois County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crescent City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.59%
Estimate Property Tax Bill
$2,288
$2,123
Ownwell’s Crescent City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crescent City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crescent City 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 Crescent City, Illinois
Property taxes in Crescent City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crescent City is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Crescent City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crescent City 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 Crescent City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60928 zip code has the highest median property tax rate of 2.59%, while the same zip code also has the lowest median tax rate of 2.59%. Understanding how these cities compare with Crescent City provides valuable insights into the varying tax landscape across Iroquois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crescent City Tax Rate
2.59%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crescent City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60928 | 1.91% | 2.04% | 2.59% | 2.65% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Crescent City, Illinois
In Crescent City, 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 Iroquois 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 Crescent City, 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. For example, the median home price in Crescent City is $88,332, with property tax bills ranging from $1,366 at the 25th percentile to $5,969 at the 90th percentile. The zip code 60928 has both the highest and lowest median tax bill at $2,158. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crescent City Assessed Value
$88,332
Average Iroquois County Assessed Value
$114,710
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crescent City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60928 | $44,142 | $77,250 | $88,332 | $144,342 | $213,027 |
Source: Ownwell
Property Tax Bills Across Crescent City, Illinois
In Crescent City, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value, and it's used to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Crescent City, located in Iroquois County, typically see a range of tax bills. For example, the 25th percentile tax bill is $1,366, while the 75th percentile tax bill reaches $3,715, and the 90th percentile tax bill is $5,969. Comparatively, the highest median tax bill in the area is $2,158, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated and the factors that influence them can help homeowners better anticipate their annual financial obligations.
Average Crescent City Tax Bill
$2,158
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Crescent City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60928 | $765 | $1,366 | $2,158 | $3,715 | $5,969 |
Source: Ownwell