62360 Property Tax Rate

Property owners in ZIP code 62360 (Payson, Illinois) pay a median of $2,073/year in property taxes on homes valued at $126,300. This translates to an effective tax rate of 1.64%, which is 13% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62360 is approximately $173, which factors into escrow payments on mortgages. This ZIP code is located within Adams County. This is $1,428 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62360 has higher property taxes. ZIP codes with similar effective rates include 62916 (1.64%) and 62054 (1.64%).

In Payson, property taxes represent approximately 3.5% of the median household income of $58,427, providing context for the relative tax burden on homeowners in this area.

Illinois's 7% annual cap on assessed value increases ensures your property tax grows predictably and cannot spiral upward with market trends. Adams County's General Homestead Exemption ($10,000 assessed value reduction) cuts taxes by approximately $156–$312 per year for owner-occupied homes. Register your homestead exemption with the Adams County Assessor's office within one month of closing to secure this tax break.