Cropsey, Illinois Property Taxes
The median property tax rate in Cropsey, IL is 2.69%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cropsey, the typical annual property tax bill reaches $4,761, exceeding the national median of $2,690. Property taxes in Cropsey 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 Cropsey'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 Cropsey or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cropsey, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.69%
Estimate Property Tax Bill
$4,425
$4,106
Ownwell’s Cropsey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cropsey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cropsey 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 Cropsey, Illinois
Property taxes in Cropsey, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cropsey is 2.69%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cropsey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cropsey 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 Cropsey's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61731 zip code has the highest median property tax rate of 2.69%, while the 61731 zip code also has the lowest median tax rate of 2.69%. Understanding how these cities compare with Cropsey provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cropsey Tax Rate
2.69%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cropsey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61731 | 2.36% | 2.51% | 2.69% | 2.79% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Cropsey, Illinois
In Cropsey, 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 Livingston 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 Cropsey, 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 Cropsey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61731 has both the highest and lowest median tax bill at $4,761, reflecting a consistent tax environment within the area.
Average Cropsey Assessed Value
$164,488
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cropsey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61731 | $131,568 | $133,108 | $164,488 | $227,852 | $250,542 |
Source: Ownwell
Property Tax Bills Across Cropsey, Illinois
In Cropsey, located in Livingston County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $164,488, homeowners can expect varying tax bills depending on the specific assessment and local tax rates. The tax bill can range significantly, with the 25th percentile at $3,758 and the 75th percentile at $6,110, while the 90th percentile reaches up to $6,598. These figures indicate that even within the same county, there can be substantial differences in tax obligations. Factors such as local government budgets, school district funding needs, and community services play crucial roles in determining the final tax rate. This variability can significantly impact homeowners, influencing decisions on property purchases and long-term financial planning. Compared to the national median property tax rate of 0.99%, Cropsey's rates highlight the importance of understanding local tax environments.
Average Cropsey Tax Bill
$4,761
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cropsey, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61731 | $3,677 | $3,758 | $4,761 | $6,110 | $6,598 |
Source: Ownwell