Casey, Illinois Property Taxes
The median property tax rate in Casey, IL is 7.34%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Casey, the typical annual property tax bill reaches $1,173, surpassing the national median of $2,690. Property taxes in Casey are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Casey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Casey or another part of Jasper County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Casey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
7.34%
Estimate Property Tax Bill
$1,681
$1,642
Ownwell’s Casey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Casey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Casey 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 Casey, Illinois
Property taxes in Casey, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Casey is 7.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Casey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Casey 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 Casey's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62420 zip code has the highest median property tax rate of 7.34%, while the same zip code also has the lowest median tax rate of 7.34%. Understanding how these cities compare with Casey provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Casey Tax Rate
7.34%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | 4.64% | 5.22% | 7.34% | 8.51% | 8.52% |
Source: Ownwell
Property Tax Assessment Values Across Casey, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Casey, Illinois. 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 local 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 Casey, 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 Casey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62420 has the highest median tax bill at $1,173, which is significantly lower than the national median property tax rate of 0.99%.
Average Casey Assessed Value
$22,900
Average Jasper County Assessed Value
$34,930
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | $11,548 | $17,170 | $22,900 | $27,605 | $44,990 |
Source: Ownwell
Property Tax Bills Across Casey, Illinois
In Casey, located in Jasper County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Casey is $22,900. Local tax authorities determine the assessed value, and then apply the local tax rate to this value to calculate the tax bill. Factors that influence the tax bill include the home's assessed value, the applicable tax rate, and any exemptions or deductions the homeowner may qualify for. For homeowners in Casey, the property tax bill can vary significantly. The 25th percentile tax bill is $896, while the 75th percentile reaches $1,949, and the 90th percentile can be as high as $3,272. These figures show a broad range, reflecting differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Casey's tax rates and bills can be quite variable, influencing both the affordability and the financial planning of homeowners in the area.
Average Casey Tax Bill
$1,173
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Casey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62420 | $757 | $896 | $1,173 | $1,949 | $3,272 |
Source: Ownwell