Savanna, Illinois Property Taxes
The median property tax rate in Savanna, IL is 2.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Savanna, the typical annual property tax bill reaches $1,472, exceeding the national median of $2,690. Property taxes in Savanna 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 Savanna'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 Savanna or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Savanna, 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 Savanna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Savanna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Savanna 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 Savanna, Illinois
Property taxes in Savanna, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savanna is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Savanna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savanna 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 Savanna's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61074 zip code has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with Savanna provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savanna Tax Rate
2.64%
Average Carroll County Tax Rate
2.34%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savanna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61074 | 1.39% | 2.00% | 2.64% | 3.52% | 3.94% |
Source: Ownwell
Property Tax Assessment Values Across Savanna, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Savanna, Illinois. 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 Carroll 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. 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 Savanna is $54,285, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $763, while the 75th percentile tax bill is $2,419, and the 90th percentile tax bill reaches $3,771. The highest median tax bill is $1,472 in zip code 61074, which also has the lowest median tax bill of $1,472. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Savanna Assessed Value
$54,285
Average Carroll County Assessed Value
$86,910
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savanna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61074 | $21,404 | $34,707 | $54,285 | $86,880 | $131,176 |
Source: Ownwell
Property Tax Bills Across Savanna, Illinois
In Savanna, Illinois, located in Carroll County, 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 Savanna is $54,285. Local tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final amount, including the property’s assessed value, the local tax rate, and any applicable exemptions or deductions. For example, homeowners at the 25th percentile can expect to pay around $763 in property taxes, while those at the 75th percentile might see bills as high as $2,419. At the 90th percentile, the tax bill can reach up to $3,771. These taxes fund essential community services like public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the tax burdens in Savanna can vary significantly, impacting homeowners differently based on their property’s assessed value and qualifying exemptions.
Average Savanna Tax Bill
$1,472
Average Carroll County Tax Bill
$2,178
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Savanna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61074 | $411 | $763 | $1,472 | $2,419 | $3,771 |
Source: Ownwell