Boody, Illinois Property Taxes
The median property tax rate in Boody, IL is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Boody at $84,149, the typical annual property tax bill reaches $1,474, which is below the national median of $2,690. Property taxes in Boody 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 Boody'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 Boody 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
Boody, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$1,675
$1,554
Ownwell’s Boody Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Boody with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Boody to project your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Macon County, is the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Boody, Illinois
Property taxes in Boody, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Boody is 1.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Boody set these rates annually, and they can vary across different neighborhoods. Each year, Boody 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 Boody's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62514 has both the highest and lowest median property tax rates of 1.99%. Understanding how these areas compare with Boody provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boody Tax Rate
1.99%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boody, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62514 | 1.28% | 1.65% | 1.99% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Boody, Illinois
In Boody, 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 local 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 Boody, 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. The median home price in Boody is $84,149, and the median tax bill for the 25th percentile is $904, while for the 75th percentile, it is $2,300. The zip code 62514 has the highest and lowest median tax bill at $1,474. Being aware of these valuation processes in Boody helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boody Assessed Value
$84,149
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boody, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62514 | $30,868 | $52,562 | $84,149 | $108,128 | $138,356 |
Source: Ownwell
Property Tax Bills Across Boody, Illinois
In Boody, located in Macon County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The average home price in Boody is $84,149. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the home's market value, the local tax rate, and any applicable exemptions. For instance, the 25th percentile of tax bills in Boody is $904, while the 75th percentile reaches $2,300, and the 90th percentile can go up to $3,067. These figures illustrate the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Boody's rates can vary significantly, affecting homeowners differently based on their property's assessed value and any exemptions they qualify for. Homeowners in the 62514 ZIP code experience a median tax bill of $1,474, reflecting the specific local tax dynamics.
Average Boody Tax Bill
$1,474
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Boody, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62514 | $360 | $904 | $1,474 | $2,300 | $3,067 |
Source: Ownwell