Sullivan, Illinois Property Taxes
The median property tax rate in Sullivan, Illinois is 2.44%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sullivan at $111,822, the typical annual property tax bill reaches $2,733, slightly exceeding the national median of $2,690. Property taxes in Sullivan 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 Sullivan'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 Sullivan 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
Sullivan, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$2,728
$2,666
Ownwell’s Sullivan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sullivan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sullivan 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 Sullivan, Illinois
Property taxes in Sullivan, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Sullivan is 2.44%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sullivan set these rates annually, and they can vary across different neighborhoods. Each year, Sullivan 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 Sullivan's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61951 zip code has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these areas compare with Sullivan provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sullivan Tax Rate
2.44%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sullivan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61951 | 2.02% | 2.18% | 2.44% | 2.58% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Sullivan, Illinois
In Sullivan, 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 Shelby County Assessor 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 Sullivan, 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 Sullivan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sullivan is $111,822, with tax bills ranging from $1,909 at the 25th percentile to $5,189 at the 90th percentile. The highest and lowest median tax bills, both $2,733, are found in zip code 61951.
Average Sullivan Assessed Value
$111,822
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sullivan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61951 | $67,873 | $84,354 | $111,822 | $163,113 | $193,888 |
Source: Ownwell
Property Tax Bills Across Sullivan, Illinois
In Sullivan, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Sullivan is $111,822. To determine the tax bill, local authorities apply the tax rate to the assessed value. Several factors influence this calculation, including the property's location, size, and any applicable exemptions. Homeowners in Sullivan experience varying tax bills. For instance, those in the 25th percentile pay around $1,909, while those in the 75th percentile face bills closer to $4,268. The 90th percentile sees tax bills as high as $5,189. The highest median tax bill in the area is $2,733, which is also the lowest median tax bill, indicating a consistent rate within the zip code 61951. These property taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is calculated can help in financial planning and identifying potential savings through exemptions or appeals.
Average Sullivan Tax Bill
$2,733
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sullivan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61951 | $1,415 | $1,909 | $2,733 | $4,268 | $5,189 |
Source: Ownwell