Sparta, Illinois Property Taxes
The median property tax rate in Sparta, IL is 1.45%, 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 Sparta, the typical annual property tax bill reaches $1,734, still below the national median of $2,690. Property taxes in Sparta 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 Sparta'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 Sparta 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
Sparta, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,701
$1,662
Ownwell’s Sparta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparta 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 Sparta, Illinois
Property taxes in Sparta, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparta is 1.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sparta set these rates annually, and they can vary across different neighborhoods. Each year, Sparta 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 Sparta's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62286 zip code has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Sparta provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sparta Tax Rate
1.45%
Average Perry County Tax Rate
1.89%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62286 | 1.15% | 1.26% | 1.45% | 1.64% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Sparta, Illinois
In Sparta, 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 Perry 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 Sparta, 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. The median home price in Sparta is $117,294, with tax bills ranging from $1,446 at the 25th percentile to $2,194 at the 90th percentile. 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 Sparta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sparta Assessed Value
$117,294
Average Perry County Assessed Value
$82,294
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sparta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62286 | $109,732 | $112,568 | $117,294 | $122,020 | $124,856 |
Source: Ownwell
Property Tax Bills Across Sparta, Illinois
In Sparta, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Perry County Assessor's Office. The assessed value typically represents a percentage of the home's market value. Homeowners in Sparta can expect a median property tax bill of around $1,734 annually. This figure is influenced by various factors, including the property's location, size, and condition. For instance, the 25th percentile tax bill is approximately $1,446, while the 75th percentile tax bill reaches $2,022, and the 90th percentile tax bill climbs to $2,194. These variations highlight how different property characteristics and assessed values impact the tax amount. Compared to the national median property tax rate of 0.99%, Sparta's tax rates can significantly affect homeowners' financial planning. Understanding these factors is crucial for homeowners to anticipate their annual expenses and budget accordingly.
Average Sparta Tax Bill
$1,734
Average Perry County Tax Bill
$1,554
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62286 | $1,273 | $1,446 | $1,734 | $2,022 | $2,194 |
Source: Ownwell