Texico, Illinois Property Taxes
The median property tax rate in Texico, IL is 1.55%, which is notably higher than the national median of 0.99% but lower than Illinois' state median of 2.35%. With a median home value in Texico of $78,180, the typical annual property tax bill amounts to $929, falling below the national median of $2,690. Property taxes in Texico are calculated based on the tax assessed value, which often comes in under the market value due to exemptions like those for primary residences and agricultural properties. Understanding Texico'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 Texico or another part of Marion County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Texico, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$1,212
$1,184
Ownwell’s Texico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Texico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texico 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 Texico, Illinois
Property taxes in Texico, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Texico is 1.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Texico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texico 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 Texico's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62889 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these areas compare with Texico provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Texico Tax Rate
1.55%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Texico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62889 | 0.78% | 1.03% | 1.55% | 1.98% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Texico, Illinois
In Texico, 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 Marion 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 Texico, 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. For instance, homeowners in the 62889 zip code face a median tax bill of $929. Being aware of these valuation processes in Texico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Texico Assessed Value
$78,180
Average Marion County Assessed Value
$53,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Texico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62889 | $30,035 | $51,202 | $78,180 | $120,777 | $168,606 |
Source: Ownwell
Property Tax Bills Across Texico, Illinois
In Texico, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as property improvements, market conditions, and location within Marion County can influence the assessed value. Homeowners in Texico face a range of tax bills. The 25th percentile tax bill is $557, while the 75th percentile tax bill reaches $2049, and the 90th percentile tax bill can be as high as $3238. Compared to the national median property tax rate of 0.99%, Texico's property tax rates can significantly impact homeowners, especially those with higher-valued properties. For instance, the highest median tax bill in the area is $929, indicating a substantial variation depending on specific property assessments. Understanding these factors is crucial for homeowners to manage their annual financial obligations effectively.
Average Texico Tax Bill
$929
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Texico, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62889 | $346 | $557 | $929 | $2,049 | $3,238 |
Source: Ownwell