Texico, Illinois Property Taxes
The median property tax rate in Texico, Illinois, is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Texico, the typical annual property tax bill reaches $1,380, exceeding the national median of $2,690. Property taxes in Texico are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Texico'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 Texico 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
Texico, 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 Texico Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Texico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texico to project your property tax bill. This insightful tool helps you understand potential tax liabilities, offering clarity and foresight. For those interested in more granular insights, neighborhood-level trends are available by scrolling down the page. Your property’s assessed value is determined by Jefferson County for tax calculations, incorporating any applicable exemptions.
Property Tax Rates Across Texico, Illinois
Property taxes in Texico, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Texico is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Texico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texico 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 Texico's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62889 zip code has the highest median property tax rate of 2.07%, while the 62889 zip code also has the lowest median tax rate of 2.07%. Understanding how these cities compare with Texico 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 Texico Tax Rate
2.07%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Texico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62889 | 0.73% | 1.70% | 2.07% | 2.55% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Texico, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Texico, 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 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. In Texico, 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. In Texico, the median home price is $78,603, with annual tax bills ranging from $390 at the 25th percentile to $3,344 at the 90th percentile. Texico's highest median tax bill is $1,380 in zip code 62889, which also has the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Texico Assessed Value
$78,603
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 Texico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62889 | $13,201 | $31,131 | $78,603 | $125,028 | $154,495 |
Source: Ownwell
Property Tax Bills Across Texico, Illinois
In Texico, located in Jefferson County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. Homeowners in Texico can expect their property tax bills to vary significantly based on their property's assessed value and the specific tax rate set by local authorities. For instance, the median home price in Texico is approximately $78,603. Tax bills can range widely, with the 25th percentile tax bill at around $390 and the 75th percentile reaching up to $2,368. At the higher end, the 90th percentile tax bill can climb to $3,344. These variations illustrate how different property values and local tax rates impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Texico's property tax rates reflect local economic conditions and funding needs for public services. Homeowners should be aware of these factors as they significantly influence their annual property tax obligations and their overall financial planning.
Average Texico Tax Bill
$1,380
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Texico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62889 | $134 | $390 | $1,380 | $2,368 | $3,344 |
Source: Ownwell