Creal Springs, Illinois Property Taxes
The median property tax rate in Creal Springs, IL is 2.34%, slightly below the Illinois state median of 2.35% but significantly higher than the national median of 0.99%. With a median home value of $87,720 in Creal Springs, the typical annual property tax bill amounts to $1,833, which is lower than the national median of $2,690. Property taxes in Creal Springs are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Creal Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Creal Springs or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Creal Springs, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$2,053
$1,905
Ownwell’s Creal Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Creal Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Creal Springs 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 Creal Springs, Illinois
Property taxes in Creal Springs, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Creal Springs is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Creal Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Creal Springs 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 Creal Springs' effective property tax rate to other areas in Illinois and the national median. For comparison, the 62922 zip code has both the highest and lowest median property tax rate of 2.34%. Understanding how these areas compare with Creal Springs provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Creal Springs Tax Rate
2.34%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Creal Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62922 | 1.33% | 1.95% | 2.34% | 2.60% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Creal Springs, Illinois
In Creal Springs, 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 Williamson County Assessment Office 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 Creal Springs, 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 Creal Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1833, found in the 62922 zip code.
Average Creal Springs Assessed Value
$87,720
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Creal Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62922 | $14,970 | $37,260 | $87,720 | $157,830 | $222,507 |
Source: Ownwell
Property Tax Bills Across Creal Springs, Illinois
In Creal Springs, Williamson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. The median home price in Creal Springs is $87,720, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $752, while at the 75th percentile, it reaches $3,562. At the 90th percentile, homeowners might see a tax bill as high as $5,189. These figures highlight the range of property tax obligations within the area. Notably, the highest and lowest median tax bills in the region both stand at $1,833, which is above the national median property tax rate of 0.99%. Homeowners in Creal Springs should be aware of these factors to better understand their property tax responsibilities.
Average Creal Springs Tax Bill
$1,833
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Creal Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62922 | $275 | $752 | $1,833 | $3,562 | $5,189 |
Source: Ownwell