Barry, Illinois Property Taxes
The median property tax rate in Barry, IL is 2.05%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $71,130 in Barry, the typical annual property tax bill reaches $1,394, exceeding the national median of $2,690. Property taxes in Barry are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Barry'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 Barry 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
Barry, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$1,458
$1,425
Ownwell’s Barry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barry 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 Barry, Illinois
Property taxes in Barry, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Barry is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barry set these rates annually, and they can vary considerably across different neighborhoods. Each year, Barry 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 Barry's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62312 has both the highest and lowest median property tax rate of 2.05%. Understanding how these areas compare with Barry provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barry Tax Rate
2.05%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62312 | 0.98% | 1.61% | 2.05% | 2.43% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Barry, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barry, 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 Pike 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 Barry, 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. For instance, the median home price in Barry is $71,130, with tax bills ranging from $749 at the 25th percentile to $4,092 at the 90th percentile. The zip code 62312 has both the highest and lowest median tax bill at $1,394. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Barry Assessed Value
$71,130
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62312 | $28,020 | $47,445 | $71,130 | $116,790 | $178,977 |
Source: Ownwell
Property Tax Bills Across Barry, Illinois
In Barry, Pike County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Various factors, including the property's location, size, and condition, influence this valuation. Once the assessed value is established, local tax rates are applied to calculate the tax bill. For homeowners in Barry, the median home price is $71,130. Property tax bills can vary significantly across the city, ranging from the 25th percentile at $749 to the 75th percentile at $2,535, and even reaching the 90th percentile at $4,092. The highest median tax bill in the area is $1,394, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax bill is calculated and what factors influence it can help them better manage their financial planning and expectations.
Average Barry Tax Bill
$1,394
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62312 | $335 | $749 | $1,394 | $2,535 | $4,092 |
Source: Ownwell