Sparland, Illinois Property Taxes
The median property tax rate in Sparland, IL is 2.57%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Sparland at $146,382, the typical annual property tax bill reaches $3,787, surpassing the national median of $2,690. Property taxes in Sparland 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 Sparland'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 Sparland or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sparland, 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 Sparland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparland 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 Sparland, Illinois
Property taxes in Sparland, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparland is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sparland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparland 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 Sparland's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61565 has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Sparland provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sparland Tax Rate
2.57%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61565 | 1.88% | 2.34% | 2.57% | 2.74% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Sparland, Illinois
In Sparland, 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 Marshall County Appraisal District 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 Sparland, 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 Sparland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sparland is $3,787 in the 61565 zip code, while the lowest is also $3,787 in the same zip code.
Average Sparland Assessed Value
$146,382
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sparland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61565 | $53,128 | $97,797 | $146,382 | $228,708 | $298,643 |
Source: Ownwell
Property Tax Bills Across Sparland, Illinois
In Sparland, located in Marshall County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the property's market value. Various factors, such as the property's location, size, and condition, influence this assessment. Homeowners in Sparland face a range of property tax bills, with the 25th percentile at $2,477 and the 75th percentile at $6,130. The 90th percentile tax bill reaches up to $8,428. Comparatively, the median property tax bill in Sparland aligns with the highest in the zip code 61565 at $3,787. This figure is significantly higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting homeowners by contributing to community development and property value stability. Understanding these factors helps residents anticipate their financial obligations and the benefits they receive in return.
Average Sparland Tax Bill
$3,787
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61565 | $1,202 | $2,477 | $3,787 | $6,130 | $8,428 |
Source: Ownwell