Auburn, Illinois Property Taxes
The median property tax rate in Auburn, IL is 1.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Auburn at $133,426, the typical annual property tax bill reaches $2,232, which is below the national median of $2,690. Property taxes in Auburn 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 Auburn'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 Auburn 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
Auburn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$2,322
$2,269
Ownwell’s Auburn Property Tax Bill Calculator is a powerful tool for any homeowner, real estate investor, or potential owner looking to estimate their annual property taxes in Auburn. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Auburn to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed insights, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Auburn, Illinois
Property taxes in Auburn, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Auburn is 1.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Auburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Auburn 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 Auburn's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62615 zip code has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Auburn provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Auburn Tax Rate
1.74%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Auburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62615 | 1.30% | 1.59% | 1.74% | 1.84% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Auburn, Illinois
In Auburn, 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 Sangamon 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 Auburn, 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 Auburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Auburn is $133,426, with tax bills ranging from $1,425 at the 25th percentile to $4,883 at the 90th percentile. The zip code 62615 has the highest median tax bill at $2,232.
Average Auburn Assessed Value
$133,426
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Auburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62615 | $61,735 | $91,714 | $133,426 | $185,348 | $257,338 |
Source: Ownwell
Property Tax Bills Across Auburn, Illinois
Property tax bills in Auburn, located in Sangamon County, IL, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Various factors, such as property size, location, and improvements, influence the assessed value. In Auburn, the median home price is $133,426, which serves as a benchmark for calculating tax bills. Homeowners in Auburn can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,425, while the 75th percentile tax bill reaches $3,333. At the 90th percentile, homeowners might face a tax bill as high as $4,883. Comparatively, the national median property tax rate is 0.99%, making Auburn's property tax landscape relatively moderate. These tax bills directly impact homeowners' annual budgets, influencing decisions on property improvements and overall financial planning.
Average Auburn Tax Bill
$2,232
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Auburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62615 | $853 | $1,425 | $2,232 | $3,333 | $4,883 |
Source: Ownwell