Average Tax Assessment in Clay County
Real Estate Values and Property Tax Valuation in Clay County, Illinois
Clay County has 686 properties with a cumulative value of $33.7M, representing 0.005% of all real estate value in Illinois. Property taxes in Clay County totaled $576.8K, with an average of $900 per homeowner, which is significantly lower than the state average of $5,405. The average property tax rate in Clay County is 1.71%, compared to the state average of 2.47%. Property taxes are calculated based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Clay Clerk | (940) 538-4631 |
| TexasFile Clerk Records | - |
| Clay Treasurer | (218) 299-5011 |
| Clay Assessor | (304) 587-4258 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Clay County
Residential Property Taxes by Cities in Clay County
Clay County has an average property tax rate of 1.71%, which is slightly lower than the national average of 1.89%. This rate is applied to all properties in the county, regardless of location. However, the effective property tax rate can vary significantly across the cities in Clay County. For example, Flora has the highest effective property tax rate of 1.78%, while other cities such as Louisville and Xenia have lower effective rates of 1.68% and 1.67%, respectively.
Overall, Clay County has a relatively low property tax rate compared to other counties in the state. This makes it an attractive option for those looking to purchase property in the area. However, it is important to note that the effective property tax rate can vary significantly across the cities in Clay County, so it is important to research the rates in each city before making a purchase.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Clay County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flora | $8,858 | $17,442 | $37,641 | $71,532 | $115,146 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Clay County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flora | $57 | $197 | $572 | $1,348 | $2,449 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flora | 0.64% | 1.13% | 1.52% | 1.88% | 2.13% |
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Real Estate Values in Clay County
The data from Redfin shows that the median home price in Clay County, Illinois has increased significantly from October 2022 to October 2023. The median home price in October 2023 was $161.2K, which is 138.81% higher than the median home price in October 2022, which was $67.5K. Additionally, the home inventory in Clay County has also increased from 7 in October 2022 to 21 in October 2023. This indicates that the housing market in Clay County is experiencing a strong recovery, with home prices and inventory both increasing.
Average Home Value in Clay County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Clay County
Last updated: November 2023
Percent Change in New Home Listings in Clay County
Last updated: November 2023
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Mortgage Rates in Clay County
Mortgages in Clay County are a significant part of the local economy, with a total outstanding loan amount of $8.5 million. This represents a significant portion of the total home value in the county, and is indicative of the importance of home ownership in the area. The number of outstanding loans in Clay County is 112, which is a relatively small number compared to other counties in the state.
The median mortgage rate in Clay County varies across cities, with the highest median rate being 4.35% in Flora. This is slightly higher than the national average, but still relatively low compared to other counties in the state. The lowest median rate is also in Flora, at 4.35%. This indicates that there is a relatively small variation in mortgage rates across the county, which is beneficial for those looking to purchase a home in Clay County.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Clay County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flora | $5,896 | $11,693 | $28,831 | $70,988 | $122,195 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Clay County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Flora | 3.44% | 3.80% | 4.35% | 4.86% | 6.06% |
Housing Expenses in Clay County, Illinois
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