Sheldon, Illinois Property Taxes
The median property tax rate in Sheldon, IL is 3.01%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sheldon at $105,339, the typical annual property tax bill reaches $3,341, surpassing the national median of $2,690. Property taxes in Sheldon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sheldon'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 Sheldon 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
Sheldon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$3,171
$3,098
Ownwell’s Sheldon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheldon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheldon 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 Sheldon, Illinois
Property taxes in Sheldon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheldon is 3.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sheldon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheldon 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 Sheldon's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60966 zip code has both the highest and lowest median property tax rate of 3.01%. Understanding how these cities compare with Sheldon provides valuable insights into the varying tax landscape across Iroquois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheldon Tax Rate
3.01%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheldon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60966 | 1.86% | 2.40% | 3.01% | 3.30% | 3.85% |
Source: Ownwell
Property Tax Assessment Values Across Sheldon, Illinois
In Sheldon, 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 Iroquois 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 Sheldon, 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 Sheldon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Sheldon, the zip code 60966 has the highest median tax bill at $3341, which is also the lowest median tax bill in the area.
Average Sheldon Assessed Value
$105,339
Average Iroquois County Assessed Value
$114,710
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheldon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60966 | $22,200 | $49,080 | $105,339 | $190,074 | $241,495 |
Source: Ownwell
Property Tax Bills Across Sheldon, Illinois
In Sheldon, located in Iroquois County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Sheldon is $105,339. Local tax rates are applied to this assessed value to determine the annual property tax bill. Factors such as the property's location, size, and any applicable exemptions or deductions also play a role in the final calculation. For homeowners in Sheldon, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,626, while the 75th percentile tax bill rises to $5,436. At the 90th percentile, homeowners can expect to pay around $7,802. These figures highlight the range of property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Sheldon's tax rates can be relatively high, affecting homeowners' annual expenses. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Sheldon Tax Bill
$3,341
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheldon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60966 | $675 | $1,626 | $3,341 | $5,436 | $7,802 |
Source: Ownwell