Thayer, Illinois Property Taxes
The median property tax rate in Thayer, IL is 1.80%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Thayer at $59,046, the typical annual property tax bill reaches $1,004, exceeding the national median of $2,690. Property taxes in Thayer 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 Thayer'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 Thayer or another part of Sangamon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thayer, 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 Thayer Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Thayer with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Thayer to provide an estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Thayer, Illinois
Property taxes in Thayer, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thayer is 1.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thayer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thayer 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 Thayer's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62689 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Thayer 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 Thayer Tax Rate
1.80%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thayer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62689 | 1.03% | 1.37% | 1.80% | 2.04% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Thayer, Illinois
In Thayer, 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 Thayer, 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 Thayer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Thayer is $1,004 in the 62689 zip code, while the lowest median tax bill is also $1,004 in the same zip code.
Average Thayer Assessed Value
$59,046
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 Thayer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62689 | $33,929 | $44,221 | $59,046 | $75,836 | $105,805 |
Source: Ownwell
Property Tax Bills Across Thayer, Illinois
In Thayer, located in Sangamon County, IL, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the property's market value. For homeowners in Thayer, the median home price is $59,046. The property tax rate in Thayer is set by local taxing authorities and is applied to the assessed value to determine the annual tax bill. Factors that influence the tax bill include the market value of the property, any applicable exemptions, and the local tax rate. Homeowners in Thayer can expect their property tax bills to vary, with the 25th percentile tax bill at $638 and the 75th percentile reaching $1,517. At the 90th percentile, the tax bill can be as high as $2,134. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community and homeowners by ensuring the maintenance and improvement of local amenities.
Average Thayer Tax Bill
$1,004
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thayer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62689 | $349 | $638 | $1,004 | $1,517 | $2,134 |
Source: Ownwell