Sullivan, Illinois Property Taxes
The median property tax rate in Sullivan, IL is 2.50%, 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 $74,241, the typical annual property tax bill reaches $2,040, which is below 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
2.5%
Estimate Property Tax Bill
$1,856
$1,722
Ownwell’s Sullivan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sullivan with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sullivan to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, scroll down to discover more localized insights. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Sullivan, Illinois
Property taxes in Sullivan, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sullivan is 2.04%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Sullivan set these rates annually, and they can vary significantly 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 2.50%, while the same 61951 zip code also has the lowest median tax rate of 2.50%. Understanding how these cities compare with Sullivan provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sullivan Tax Rate
2.50%
Average Coles County Tax Rate
2.84%
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 | 1.95% | 2.36% | 2.50% | 2.65% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Sullivan, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sullivan, 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 local 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 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 zip code with the highest median tax bill is 61951, with a median tax bill of $2040.00.
Average Sullivan Assessed Value
$74,241
Average Coles County Assessed Value
$64,296
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 | $25,071 | $39,258 | $74,241 | $161,958 | $248,932 |
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 determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Sullivan is $74,241, the assessed value will be a fraction of this amount. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors considered in calculating the tax bill include the property's location, size, and condition, as well as any applicable exemptions or deductions. Homeowners in Sullivan can expect to pay a wide range of property tax bills. For example, the 25th percentile tax bill is $790, while the 75th percentile reaches $4,057, and the 90th percentile can go up to $5,921. These variations can significantly impact homeowners, making it essential to understand how local assessments and tax rates affect overall tax obligations.
Average Sullivan Tax Bill
$2,040
Average Coles County Tax Bill
$1,659
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 | $428 | $790 | $2,040 | $4,057 | $5,921 |
Source: Ownwell