Percy, Illinois Property Taxes
The median property tax rate in Percy, IL is 1.81%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Percy, the typical annual property tax bill reaches $1,708, which is below the national median of $2,690. Property taxes in Percy 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 Percy’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 Percy or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Percy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$1,890
$1,846
Ownwell’s Percy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Percy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Percy 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 Percy, Illinois
Property taxes in Percy, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Percy is 1.81%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Percy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Percy 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 Percy's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62272 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 cities compare with Percy provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Percy Tax Rate
1.81%
Average Perry County Tax Rate
1.89%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Percy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62272 | 0.96% | 1.39% | 1.81% | 1.97% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Percy, Illinois
In Percy, 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 Perry 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 Percy, 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 Percy is $104,400, with tax bills ranging from $870 at the 25th percentile to $3,572 at the 90th percentile. The highest and lowest median tax bill is $1,708 in the zip code 62272. Being aware of these valuation processes in Percy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Percy Assessed Value
$104,400
Average Perry County Assessed Value
$82,294
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Percy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62272 | $33,082 | $65,007 | $104,400 | $148,344 | $176,068 |
Source: Ownwell
Property Tax Bills Across Percy, Illinois
In Percy, located in Perry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $104,400, homeowners can expect their property taxes to be influenced by this valuation. The tax bill is then determined by applying the local tax rate to the assessed value. Several factors contribute to the final tax bill, including the property's location, any applicable exemptions, and the specific tax rates set by local taxing authorities. In Percy, the 25th percentile tax bill is around $870, while the 75th percentile tax bill can reach up to $2,954. For those at the 90th percentile, tax bills can soar to $3,572. These property taxes significantly impact homeowners, influencing their annual expenses and the overall affordability of owning a home. Compared to the national median property tax rate of 0.99%, Percy’s tax rates reflect the unique economic and administrative characteristics of Perry County.
Average Percy Tax Bill
$1,708
Average Perry County Tax Bill
$1,554
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Percy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62272 | $370 | $870 | $1,708 | $2,954 | $3,572 |
Source: Ownwell