Deer Creek, Illinois Property Taxes
The median property tax rate in Deer Creek, IL is 2.21%, significantly 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, the typical annual property tax bill reaches $4,944, surpassing 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
2.21%
Estimate Property Tax Bill
$4,964
$4,851
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer Creek is 2.21%, 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 counties in Illinois and the national median. For comparison, the 61733 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Deer Creek provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer Creek Tax Rate
2.21%
Average Woodford County Tax Rate
2.44%
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 | 1.94% | 2.07% | 2.21% | 2.27% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Deer Creek, Illinois
In Deer Creek, 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 Woodford 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 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. 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 Deer Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deer Creek Assessed Value
$224,636
Average Woodford County Assessed Value
$138,837
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 | $16,804 | $171,199 | $224,636 | $252,076 | $311,717 |
Source: Ownwell
Property Tax Bills Across Deer Creek, Illinois
In Deer Creek, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of your property. The tax rate, set by various taxing authorities such as school districts and municipalities, is then applied to this assessed value to determine your property tax bill. For homeowners in Deer Creek, the median home price is $224,636. Property tax bills can vary significantly, with the 25th percentile paying around $3,407 and the 75th percentile paying up to $5,871. At the 90th percentile, tax bills can reach as high as $6,955. These figures illustrate the substantial impact property taxes can have on household budgets. Comparatively, the national median property tax rate is 0.99%, which offers a benchmark for understanding local tax burdens. Homeowners in Deer Creek need to plan accordingly, as property taxes represent a significant annual expense that can affect overall financial planning and home affordability.
Average Deer Creek Tax Bill
$4,944
Average Woodford County Tax Bill
$3,222
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 | $1,211 | $3,407 | $4,944 | $5,871 | $6,955 |
Source: Ownwell