Clay City, Illinois Property Taxes
The median property tax rate in Clay City, IL is 2.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Clay City, the typical annual property tax bill reaches $2,116, which is below the national median of $2,690. Property taxes in Clay City 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 Clay City'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 Clay City 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
Clay City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$2,041
$1,995
Ownwell’s Clay City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to accurately estimate their annual property taxes in Clay City with just two simple inputs. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Clay City to project your property tax bill. This valuable tool aids in understanding potential tax liabilities, ensuring you are well-prepared for financial planning. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down to find localized information. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Clay City, Illinois
Property taxes in Clay City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clay City is 2.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Clay City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clay City 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 Clay City's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 62824 has both the highest and lowest median property tax rate of 2.01%, identical to Clay City's rate. Understanding how these areas compare with Clay City provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clay City Tax Rate
2.01%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clay City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62824 | 1.50% | 1.82% | 2.01% | 2.43% | 4.55% |
Source: Ownwell
Property Tax Assessment Values Across Clay City, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clay City, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local county authorities 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 Clay City, 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 example, the median home price is $101,550, with tax bills ranging from $1,410 at the 25th percentile to $6,511 at the 90th percentile. The highest and lowest median tax bill in the region is $2,116, found in the 62824 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 manage their tax burden effectively.
Average Clay City Assessed Value
$101,550
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clay City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62824 | $34,975 | $52,329 | $101,550 | $158,574 | $202,355 |
Source: Ownwell
Property Tax Bills Across Clay City, Illinois
In Clay City, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. For instance, if the median home price is $101,550, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Clay City, the tax bill can vary significantly, with the 25th percentile paying around $1,410 and the 75th percentile paying approximately $3,765. For those at the 90th percentile, the tax bill can go up to $6,511. These variations can significantly impact homeowners, affecting their annual budgeting and financial planning. Comparing this to the national median property tax rate of 0.99%, it's clear that local factors play a crucial role in determining the final tax burden.
Average Clay City Tax Bill
$2,116
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Clay City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62824 | $737 | $1,410 | $2,116 | $3,765 | $6,511 |
Source: Ownwell