Kenney, Illinois Property Taxes
The median property tax rate in Kenney, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kenney, the typical annual property tax bill reaches $4,521, exceeding the national median of $2,690. Property taxes in Kenney 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 Kenney'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 Kenney 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
Kenney, 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 Kenney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenney 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 Kenney, Illinois
Property taxes in Kenney, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenney is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kenney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenney 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 Kenney's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61749 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 Kenney provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenney Tax Rate
2.30%
Average Logan County Tax Rate
2.39%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61749 | 2.19% | 2.20% | 2.30% | 2.49% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Kenney, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kenney, Illinois. The market value represents 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 Logan 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 Kenney, 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. The median home price in the area is $196,995. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest and lowest median tax bills in Kenney both stand at $4,521 in the 61749 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kenney Assessed Value
$196,995
Average Logan County Assessed Value
$165,735
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61749 | $167,415 | $178,418 | $196,995 | $222,315 | $245,454 |
Source: Ownwell
Property Tax Bills Across Kenney, Illinois
In Kenney, Logan County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines the assessed value by evaluating various factors such as the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to this value to determine the annual tax bill. Homeowners in Kenney can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is approximately $4,180, while it rises to around $5,288 at the 75th percentile. At the 90th percentile, the tax bill can reach up to $6,467. Compared to the national median property tax rate of 0.99%, Kenney's property tax rates can be significantly higher, impacting homeowners' annual expenses. These property taxes fund essential public services such as schools, infrastructure, and emergency services, making them a crucial part of community development despite their financial burden on homeowners.
Average Kenney Tax Bill
$4,521
Average Logan County Tax Bill
$4,059
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenney, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61749 | $3,769 | $4,180 | $4,521 | $5,288 | $6,467 |
Source: Ownwell