Creal Springs, Illinois Property Taxes
The median property tax rate in Creal Springs, IL is 2.30%, which is significantly higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With a median home value of $51,422 in Creal Springs, the typical annual property tax bill amounts to $1,098, well below the national median of $2,690. Property taxes in Creal Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Creal Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Creal Springs or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Creal Springs, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$1,183
$1,098
Ownwell’s Creal Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Creal Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Creal Springs 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 Creal Springs, Illinois
Property taxes in Creal Springs, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Creal Springs is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Creal Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Creal Springs 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 Creal Springs' effective property tax rate to other counties in Illinois and the national median. For comparison, the 62922 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Creal Springs provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Creal Springs Tax Rate
2.30%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Creal Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62922 | 0.97% | 1.84% | 2.30% | 2.51% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Creal Springs, Illinois
In Creal Springs, 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 Johnson 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 Creal Springs, 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 Creal Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $51,422, with the 25th percentile tax bill at $418 and the 90th percentile reaching $3,510.
Average Creal Springs Assessed Value
$51,422
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Creal Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62922 | $16,036 | $29,336 | $51,422 | $115,165 | $174,702 |
Source: Ownwell
Property Tax Bills Across Creal Springs, Illinois
Property tax bills in Creal Springs, located in Johnson County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The local government determines the tax rate, which is applied to the assessed value to calculate the tax bill. For instance, with a median home price of $51,422, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. In Creal Springs, the 25th percentile tax bill is around $418, while the 75th percentile tax bill reaches $2,335. At the higher end, the 90th percentile tax bill can go up to $3,510. This range illustrates the impact of property values and local tax rates on homeowners. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates can significantly influence the financial burden on property owners. Homeowners in the zip code 62922 experience a median tax bill of $1,098, which is consistent across the region. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Creal Springs Tax Bill
$1,098
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Creal Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62922 | $211 | $418 | $1,098 | $2,335 | $3,510 |
Source: Ownwell