Raymond, Illinois Property Taxes
The median property tax rate in Raymond, IL is 1.81%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $93,159 in Raymond, the typical annual property tax bill reaches $1,778, which is below the national median of $2,690. Property taxes in Raymond 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 Raymond'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 Raymond 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
Raymond, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$1,686
$1,648
Ownwell’s Raymond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raymond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raymond 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 Raymond, Illinois
Property taxes in Raymond, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raymond is 1.81%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Raymond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raymond 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 Raymond's effective property tax rate to other regions in Illinois and the national median. For comparison, the 62560 zip code has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these areas compare with Raymond provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raymond Tax Rate
1.81%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raymond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62560 | 1.52% | 1.60% | 1.81% | 2.01% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Raymond, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Raymond, IL. 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 Macoupin 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 Raymond, 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 Raymond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Raymond is $93,159, with tax bills ranging from $1,387 at the 25th percentile to $2,714 at the 90th percentile. The highest and lowest median tax bills are both $1,778 in zip code 62560. Understanding these figures in the context of national trends, where the median property tax rate is 0.99%, can provide valuable insights for homeowners.
Average Raymond Assessed Value
$93,159
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raymond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62560 | $63,931 | $86,061 | $93,159 | $146,067 | $164,044 |
Source: Ownwell
Property Tax Bills Across Raymond, Illinois
In Raymond, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of its market value. Homeowners in Raymond experience a median home price of $93,159. The local property tax rate is applied to this assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill in Raymond is $1,387, while the 75th percentile tax bill reaches $2,150. At the 90th percentile, homeowners might see tax bills as high as $2,714. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These taxes fund essential public services like schools, infrastructure, and emergency services, directly affecting the quality of life in Raymond. Compared to the national median property tax rate of 0.99%, understanding these local nuances helps homeowners anticipate and manage their financial obligations more effectively.
Average Raymond Tax Bill
$1,778
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Raymond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62560 | $946 | $1,387 | $1,778 | $2,150 | $2,714 |
Source: Ownwell