Deer Creek, Illinois Property Taxes
The median property tax rate in Deer Creek, IL is 2.36%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Deer Creek at $124,830, the typical annual property tax bill reaches $3,013, exceeding the national median of $2,690. Property taxes in Deer Creek 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 Deer Creek'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 Deer Creek 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
Deer Creek, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$2,946
$2,734
Ownwell’s Deer Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deer Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deer Creek 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 Deer Creek, Illinois
Property taxes in Deer Creek, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer Creek is 2.36%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Deer Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer Creek 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 Deer Creek's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61733 zip code has the highest median property tax rate of 2.36%, while the same zip code also has the lowest median tax rate of 2.36%. Understanding how these areas compare with Deer Creek provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer Creek Tax Rate
2.36%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61733 | 2.00% | 2.19% | 2.36% | 2.54% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Deer Creek, Illinois
In Deer Creek, Illinois, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. 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 Tazewell 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 Deer Creek, 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 Deer Creek is $124,830, and the 25th percentile tax bill is $2,060, while the 75th percentile tax bill is $4,319. The highest median tax bill in the area is $3,013 in the 61733 zip code. 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 the tax burden.
Average Deer Creek Assessed Value
$124,830
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deer Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61733 | $66,285 | $88,762 | $124,830 | $181,882 | $288,120 |
Source: Ownwell
Property Tax Bills Across Deer Creek, Illinois
In Deer Creek, Tazewell County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in Deer Creek, the median home price stands at $124,830. Property tax bills in the area vary significantly, with the 25th percentile at $2,060 and the 75th percentile reaching $4,319. The 90th percentile sees even higher bills, up to $6,183. Several factors influence these tax bills, including the property's location, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Deer Creek may experience a range of tax burdens. High property taxes can impact homeowners by increasing the overall cost of owning a home, which can affect budgeting and long-term financial planning.
Average Deer Creek Tax Bill
$3,013
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61733 | $1,525 | $2,060 | $3,013 | $4,319 | $6,183 |
Source: Ownwell