Sandoval, Illinois Property Taxes
The median property tax rate in Sandoval, IL is 2.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sandoval, the typical annual property tax bill reaches $2,417, nearly matching the national median of $2,690. Property taxes in Sandoval 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 Sandoval'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 Sandoval 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
Sandoval, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Sandoval Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sandoval with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sandoval 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 Sandoval, Illinois
Property taxes in Sandoval, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sandoval is 1.67%, substantially higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Sandoval set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sandoval 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 Sandoval's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62882 has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these regions compare with Sandoval provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sandoval Tax Rate
2.20%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sandoval, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62882 | 1.40% | 1.73% | 2.20% | 2.51% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Sandoval, Illinois
In Sandoval, 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 Clinton County Assessor 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 Sandoval, 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 Sandoval helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62882 has both the highest and lowest median tax bill at $2,417, reflecting the diverse range of property values within the area.
Average Sandoval Assessed Value
$119,328
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sandoval, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62882 | $40,525 | $68,771 | $119,328 | $140,117 | $215,980 |
Source: Ownwell
Property Tax Bills Across Sandoval, Illinois
In Sandoval, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Sandoval, the median home price is $119,328, and property tax bills can vary significantly. At the 25th percentile, property tax bills are around $1,138, while at the 75th percentile, they can reach up to $3,288. The 90th percentile sees even higher tax bills, averaging $4,858. These figures reflect the range of tax burdens that homeowners might face based on their property's assessed value and the specific tax rates in their area. Compared to the national median property tax rate of 0.99%, Sandoval’s tax rates can lead to substantial annual costs, impacting homeowners' financial planning and overall cost of living.
Average Sandoval Tax Bill
$2,417
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sandoval, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62882 | $529 | $1,138 | $2,417 | $3,288 | $4,858 |
Source: Ownwell