Sheffield, Illinois Property Taxes
The median property tax rate in Sheffield, IL is 2.33%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sheffield at $76,140, the typical annual property tax bill reaches $1,619, exceeding the national median of $2,690. Property taxes in Sheffield 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 Sheffield'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 Sheffield 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
Sheffield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$1,774
$1,734
Ownwell’s Sheffield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheffield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheffield 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 Sheffield, Illinois
Property taxes in Sheffield, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheffield is 2.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sheffield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheffield 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 Sheffield's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61356 zip code has the highest median property tax rate of 13.33%, while the 61361 zip code has the lowest median tax rate of 2.33%. Understanding how these cities compare with Sheffield provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheffield Tax Rate
2.33%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheffield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61356 | 13.33% | 13.33% | 13.33% | 13.33% | 13.33% |
| 61361 | 1.25% | 1.84% | 2.33% | 2.70% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Sheffield, Illinois
In Sheffield, 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 Bureau 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 Sheffield, 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 example, the highest median tax bill in Bureau County is $2,771 in zip code 61356, while the lowest median tax bill is $1,614 in zip code 61361. Being aware of these valuation processes in Sheffield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sheffield Assessed Value
$76,140
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheffield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61356 | $20,784 | $20,784 | $20,784 | $20,784 | $20,784 |
| 61361 | $18,993 | $45,256 | $76,368 | $105,948 | $150,402 |
Source: Ownwell
Property Tax Bills Across Sheffield, Illinois
In Sheffield, Bureau County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Sheffield is $76,140. Local tax authorities then apply the property tax rate to this assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill in Sheffield is $759, while the 75th percentile tax bill is $2,552, and the 90th percentile reaches $3,924. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Sheffield may find their tax bills higher or lower depending on these variables. Comparing this to the national median property tax rate of 0.99%, Sheffield's tax rates can significantly impact homeowners, especially when considering the highest median tax bill in the area is $2,771, while the lowest is $1,614. These variations can affect financial planning and the overall cost of homeownership.
Average Sheffield Tax Bill
$1,619
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheffield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61356 | $2,771 | $2,771 | $2,771 | $2,771 | $2,771 |
| 61361 | $311 | $758 | $1,614 | $2,535 | $3,924 |
Source: Ownwell