Cantrall, Illinois Property Taxes
The median property tax rate in Cantrall, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cantrall at $213,084, the typical annual property tax bill reaches $4,250, exceeding the national median of $2,690. Property taxes in Cantrall 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 Cantrall'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 Cantrall 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
Cantrall, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.02%
Estimate Property Tax Bill
$4,304
$4,206
Ownwell’s Cantrall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cantrall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cantrall 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 Cantrall, Illinois
Property taxes in Cantrall, Illinois, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Cantrall is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cantrall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cantrall 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 Cantrall's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62625 has both the highest and lowest median property tax rate of 2.02%, reflecting the uniformity within this specific region. Understanding how these cities compare with Cantrall provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cantrall Tax Rate
2.02%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cantrall, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62625 | 1.63% | 1.90% | 2.02% | 2.10% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Cantrall, Illinois
In Cantrall, 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 Sangamon County Assessor's Office 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 Cantrall, 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 Cantrall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,250, found in the 62625 zip code.
Average Cantrall Assessed Value
$213,084
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cantrall, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62625 | $66,512 | $126,279 | $213,084 | $278,313 | $343,741 |
Source: Ownwell
Property Tax Bills Across Cantrall, Illinois
In Cantrall, located in Sangamon County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, the median home price in Cantrall is $213,084. Homeowners can expect their tax bills to vary significantly depending on their property's value and location within the city. Tax bills can range widely, from the 25th percentile at $2,325 to the 75th percentile at $5,770, and even up to the 90th percentile at $7,219. The highest median tax bill recorded in the area is $4,250, which is significantly higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Cantrall residents. Homeowners must consider these taxes when budgeting for their yearly expenses.
Average Cantrall Tax Bill
$4,250
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cantrall, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62625 | $1,169 | $2,325 | $4,250 | $5,770 | $7,219 |
Source: Ownwell