Sigel, Illinois Property Taxes
The median property tax rate in Sigel, IL is 1.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sigel at $422,640, the typical annual property tax bill reaches $4,763, exceeding the national median of $2,690. Property taxes in Sigel 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 Sigel'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 Sigel 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
Sigel, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$5,410
$5,286
Ownwell’s Sigel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sigel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sigel 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 Sigel, Illinois
Property taxes in Sigel, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sigel is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sigel set these rates annually, and they can vary across different neighborhoods. Each year, Sigel 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 Sigel's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62462 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these figures compare with Sigel provides valuable insights into the varying tax landscape across Effingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sigel Tax Rate
1.28%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | 1.09% | 1.16% | 1.28% | 1.40% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Sigel, Illinois
In Sigel, 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 Effingham 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 Sigel, 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 Sigel 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 $4,763, found in the zip code 62462.
Average Sigel Assessed Value
$422,640
Average Effingham County Assessed Value
$155,790
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | $210,384 | $289,980 | $422,640 | $555,300 | $634,896 |
Source: Ownwell
Property Tax Bills Across Sigel, Illinois
In Sigel, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value, thereby impacting the tax bill. For homeowners in Sigel, the typical tax bill can vary significantly. At the 25th percentile, property owners might expect to pay around $3,579, while those at the 75th percentile could see bills as high as $5,946. In some cases, tax bills can reach up to $6,657 at the 90th percentile. These figures are higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and property values. The highest and lowest median tax bills in the area are both $4,763, indicating a relatively consistent tax burden across different properties. This can affect homeowners' decisions regarding property investments and long-term financial planning.
Average Sigel Tax Bill
$4,763
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | $2,869 | $3,579 | $4,763 | $5,946 | $6,657 |
Source: Ownwell