Savoy, Champaign County, Illinois Property Taxes

Name: Property Tax Bills Across Savoy, Champaign County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Savoy, IL effective property tax rate: 2.42%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Savoy, IL home value: $243,120
Median annual Savoy, IL tax bill: $5,778, $3,378 higher than the national median property tax bill of $2,400.

How are property taxes in Champaign calculated?

Property taxes in Savoy, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Savoy’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Savoy, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Savoy, Champaign County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.42%

Estimate Property Tax Bill

$5,884

$5,460

Ownwell’s Savoy Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Savoy with just two data points. By entering your property's estimated assessed value, our calculator applies Savoy’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Champaign County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Savoy, Champaign County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Savoy, located in Champaign County, IL, the effective property tax rate stands out when compared to other cities in Illinois and the national average. The median property tax rate in Illinois is significantly higher than the national median of 1.02%. This means that homeowners in Savoy may find themselves paying more in property taxes compared to the average American homeowner. However, this higher rate reflects the county's commitment to providing essential services to its residents. By understanding these rates, homeowners can better anticipate their property tax obligations and explore potential savings through appeals and exemptions.

Property Tax Rates Across Savoy, Champaign County, Illinois

Source: Ownwell

1.72%

2.45%

3.17%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Savoy Tax Rate

2.42%

Median Effective Champaign County Tax Rate

2.54%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Savoy, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61874	2.15%	2.30%	2.42%	2.54%	2.65%

Source: Ownwell

Property Tax Assessment Values Across Savoy, Champaign County, Illinois

When examining property taxes in Savoy, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Champaign County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Champaign County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Savoy. For example, the median home price in Savoy is $243,120, with tax bills ranging significantly across the county. Zip code 61874 has the highest median home price at $243,120.

Property Tax Assessment Values Across Savoy, Champaign County, Illinois

Source: Ownwell

$64,275

$153,698

$243,120

Median Savoy Market Value

$243,120

Median Champaign County Market Value

$152,850

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Savoy, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61874	$133,740	$173,670	$243,120	$307,620	$382,254

Source: Ownwell

Property Tax Bills Across Savoy, Champaign County, Illinois

In Savoy, located in Champaign County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $243,120, homeowners in this area face a median tax bill significantly higher than the national median, with figures ranging from $3,989 at the 25th percentile to $9,819 at the 90th percentile. The local tax rate is a crucial factor, and it can lead to substantial variations in tax bills within the region. These high property taxes can place a financial burden on homeowners, affecting their overall housing costs and potentially impacting their ability to maintain or improve their properties. Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By leveraging their expertise, Ownwell helps homeowners potentially reduce their tax bills, ensuring they pay only what is fair. Through a detailed analysis of property assessments and local tax regulations, Ownwell can identify opportunities for tax savings, ultimately easing the financial strain on homeowners.

Property Tax Bills Across Savoy, Champaign County, Illinois

Source: Ownwell

$1,191

$3,485

$5,778

Median Savoy Tax Bill

$5,778

Median Champaign County Tax Bill

$3,816

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Savoy, Champaign County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61874	$2,925	$3,989	$5,778	$7,554	$9,819

Source: Ownwell