Springfield, Illinois Property Taxes
The median property tax rate in Springfield, IL is 2.40%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $130,887 in Springfield, the typical annual property tax bill reaches $3,118, surpassing the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Springfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Springfield or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springfield, 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 Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, Illinois
Property taxes in Springfield, IL, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, which can vary considerably across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other areas in Sangamon County and the national median. For comparison, the 62701 zip code has the highest median property tax rate of 2.99%, while the 62707 zip code has the lowest median tax rate of 2.19%. Understanding how these areas compare with Springfield 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 Springfield Tax Rate
2.40%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62701 | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
| 62702 | 1.52% | 2.01% | 2.36% | 2.59% | 2.99% |
| 62703 | 1.39% | 1.91% | 2.27% | 2.55% | 2.99% |
| 62704 | 2.02% | 2.32% | 2.55% | 2.71% | 2.99% |
| 62707 | 1.72% | 1.99% | 2.19% | 2.45% | 2.62% |
| 62711 | 2.15% | 2.30% | 2.46% | 2.63% | 2.76% |
| 62712 | 2.03% | 2.16% | 2.32% | 2.42% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Illinois
In Springfield, 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 Assessment 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Springfield is $6,380 in zip code 62711, while the lowest is $1,685 in zip code 62701.
Average Springfield Assessed Value
$130,887
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 Springfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62701 | $30,389 | $43,056 | $56,421 | $65,508 | $83,324 |
| 62702 | $39,940 | $58,896 | $84,420 | $115,023 | $154,472 |
| 62703 | $27,713 | $45,795 | $80,466 | $114,092 | $150,306 |
| 62704 | $70,026 | $97,154 | $139,623 | $184,528 | $253,643 |
| 62707 | $77,078 | $108,088 | $140,860 | $196,556 | $278,546 |
| 62711 | $150,582 | $194,946 | $254,134 | $333,429 | $427,417 |
| 62712 | $152,074 | $177,624 | $224,238 | $291,882 | $386,558 |
Source: Ownwell
Property Tax Bills Across Springfield, Illinois
In Springfield, located in Sangamon County, IL, property tax bills are calculated based on the assessed value of a property, 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. Factors influencing the tax bill include the property's location, as different areas within the city may have varying tax rates. For instance, the median tax bill in the 62711 zip code is the highest at $6,380, while the 62701 zip code has the lowest median tax bill at $1,685. Homeowners in Springfield can expect varying tax bills depending on their property's value and location. The 25th percentile tax bill is around $1,780, while the 75th percentile reaches up to $4,952, and the 90th percentile can be as high as $7,666. These figures indicate how property taxes can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Springfield Tax Bill
$3,118
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62701 | $908 | $1,286 | $1,685 | $1,957 | $2,489 |
| 62702 | $740 | $1,204 | $1,898 | $2,777 | $3,964 |
| 62703 | $488 | $929 | $1,749 | $2,655 | $3,597 |
| 62704 | $1,488 | $2,262 | $3,467 | $4,845 | $6,805 |
| 62707 | $1,423 | $2,254 | $3,183 | $4,408 | $6,264 |
| 62711 | $3,413 | $4,588 | $6,380 | $8,565 | $10,905 |
| 62712 | $3,166 | $3,919 | $5,094 | $7,012 | $9,794 |
Source: Ownwell