Keenes, Illinois Property Taxes
The median property tax rate in Keenes, IL is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Keenes at $63,996, the typical annual property tax bill reaches $961, which is below the national median of $2,690. Property taxes in Keenes 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 Keenes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Keenes or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keenes, 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 Keenes Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Keenes with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Keenes to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For neighborhood-level trends, scroll down to find more localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Keenes, Illinois
Property taxes in Keenes, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keenes is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Keenes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keenes 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 Keenes's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62851 has both the highest and lowest median property tax rate of 2.09%. Understanding how these cities compare with Keenes provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keenes Tax Rate
2.09%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keenes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62851 | 1.50% | 1.77% | 2.09% | 2.09% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Keenes, Illinois
In Keenes, 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 Jefferson 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. 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 Keenes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Keenes are both $961.00, found in the 62851 zip code.
Average Keenes Assessed Value
$63,996
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keenes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62851 | $10,134 | $20,122 | $63,996 | $76,532 | $90,882 |
Source: Ownwell
Property Tax Bills Across Keenes, Illinois
Property tax bills in Keenes, located in Jefferson County, IL, are calculated based on the assessed value of a property, which is typically a percentage of the market value. The median home price in Keenes is $63,996. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, any applicable exemptions, and local government budgets. For instance, in Keenes, the 25th percentile of tax bills is $418, while the 75th percentile reaches $1,820, and the 90th percentile goes up to $2,216. This range demonstrates how different factors, such as property size and exemptions, can significantly impact the amount homeowners owe. Compared to the national median property tax rate of 0.99%, Keenes offers a varied tax landscape, reflecting both lower and higher tax obligations depending on specific circumstances. Understanding these factors is crucial for homeowners to manage their finances effectively and take advantage of any available exemptions.
Average Keenes Tax Bill
$961
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Keenes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62851 | $212 | $418 | $961 | $1,820 | $2,216 |
Source: Ownwell