Saybrook, Illinois Property Taxes
The median property tax rate in Saybrook, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Saybrook at $84,369, the typical annual property tax bill reaches $1,957, which is below the national median of $2,690. Property taxes in Saybrook 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 Saybrook'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 Saybrook 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
Saybrook, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$2,016
$1,971
Ownwell’s Saybrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saybrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saybrook 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 Saybrook, Illinois
Property taxes in Saybrook, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saybrook is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Saybrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saybrook 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 Saybrook's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61770 zip code has the highest median property tax rate of 2.39%, while the 61770 zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Saybrook provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saybrook Tax Rate
2.39%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saybrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61770 | 1.57% | 2.09% | 2.39% | 2.87% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Saybrook, Illinois
In Saybrook, 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 McLean 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 Saybrook, 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. For instance, the median home price in Saybrook is $84,369, with tax bills ranging from $1,254 at the 25th percentile to $4,081 at the 90th percentile. The zip code 61770 has the highest and lowest median tax bill at $1,957. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Saybrook Assessed Value
$84,369
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saybrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61770 | $35,835 | $61,311 | $84,369 | $115,098 | $161,236 |
Source: Ownwell
Property Tax Bills Across Saybrook, Illinois
In Saybrook, property tax bills are determined by assessing the value of your home and applying the local tax rate set by McLean County. The median home price in Saybrook is $84,369, which serves as the basis for calculating property taxes. Several factors influence the tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Homeowners in Saybrook can expect property tax bills to vary widely. For example, those in the 25th percentile pay around $1,254, while those in the 75th percentile face bills closer to $2,827. At the 90th percentile, tax bills can reach up to $4,081. These figures indicate that while some homeowners pay relatively modest taxes, others face significantly higher bills based on their property's assessed value and location within the county. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Saybrook Tax Bill
$1,957
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Saybrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61770 | $517 | $1,254 | $1,957 | $2,827 | $4,081 |
Source: Ownwell