Baylis, Illinois Property Taxes
The median property tax rate in Baylis, IL is 2.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Baylis at $61,950, the typical annual property tax bill reaches $1,161, exceeding the national median of $2,690. Property taxes in Baylis 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 Baylis'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 Baylis 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
Baylis, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Baylis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baylis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baylis 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 Baylis, Illinois
Property taxes in Baylis, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baylis is 2.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Baylis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baylis 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 Baylis's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62314 zip code has the highest median property tax rate of 2.10%, while the same zip code also has the lowest median tax rate of 2.10%. Understanding how these cities compare with Baylis 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 Baylis Tax Rate
2.10%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baylis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62314 | 0.84% | 1.47% | 2.10% | 2.30% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Baylis, Illinois
In Baylis, 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 Pike County Assessor 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 Baylis, 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 Baylis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Baylis is $1,161 in the 62314 zip code, while the lowest median tax bill is also $1,161 in the same zip code.
Average Baylis Assessed Value
$61,950
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 Baylis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62314 | $14,460 | $33,510 | $61,950 | $119,100 | $188,430 |
Source: Ownwell
Property Tax Bills Across Baylis, Illinois
In Baylis, located in Pike County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Baylis is $61,950, and local tax rates are applied to this assessed value to determine the tax bill. Various factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Baylis face a range of tax bills, from the 25th percentile at $536 to the 75th percentile at $2,526, with the 90th percentile reaching up to $3,760. The highest and lowest median tax bill in the area is $1,161, all within the zip code 62314. Compared to the national median property tax rate of 0.99%, Baylis residents may find their tax obligations vary significantly, impacting their overall cost of homeownership. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate their annual property tax liabilities.
Average Baylis Tax Bill
$1,161
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Baylis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62314 | $167 | $536 | $1,161 | $2,526 | $3,760 |
Source: Ownwell