Sutter, Illinois Property Taxes
The median property tax rate in Sutter, Illinois is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sutter, the typical annual property tax bill reaches $3,337, exceeding the national median of $2,690. Property taxes in Sutter 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 Sutter'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 Sutter 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
Sutter, 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 Sutter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sutter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sutter 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 Sutter, Illinois
Property taxes in Sutter, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sutter is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sutter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sutter 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 Sutter's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62373 has both the highest and lowest median property tax rate of 2.37%. Understanding how these cities compare with Sutter provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sutter Tax Rate
2.37%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sutter, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62373 | 2.37% | 2.37% | 2.37% | 2.37% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Sutter, Illinois
In Sutter, 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 Hancock 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 Sutter, 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 Sutter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62373, with a median tax bill of $3,337.
Average Sutter Assessed Value
$141,003
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sutter, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62373 | $141,003 | $141,003 | $141,003 | $141,003 | $141,003 |
Source: Ownwell
Property Tax Bills Across Sutter, Illinois
In Sutter, Hancock County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to this value to determine the total tax bill. For homeowners in Sutter, the median home price is $141,003, and the property tax rate is closely aligned with the national median rate of 0.99%. This results in a median tax bill of $3,337, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity in tax bills can significantly impact homeowners, as it ensures predictability in annual expenses. For those living in the zip code 62373, the median tax bill remains one of the highest in the area, emphasizing the importance of understanding property tax obligations and planning accordingly.
Average Sutter Tax Bill
$3,337
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sutter, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62373 | $3,337 | $3,337 | $3,337 | $3,337 | $3,337 |
Source: Ownwell