Sigel, Illinois Property Taxes
The median property tax rate in Sigel, IL is 1.82%, significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Sigel at $132,567, the typical annual property tax bill reaches $2,763, which is just above the national median of $2,690. Property taxes in Sigel are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Sigel's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sigel or another part of Cumberland County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sigel, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$2,413
$2,358
Ownwell’s Sigel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sigel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sigel 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 Sigel, Illinois
Property taxes in Sigel, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sigel is 1.82%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sigel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sigel 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 Sigel's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62462 zip code has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Sigel provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sigel Tax Rate
1.82%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | 1.44% | 1.67% | 1.82% | 2.00% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Sigel, Illinois
In Sigel, Illinois, understanding the difference between "market value" and "assessed value" is essential 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 Cumberland 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 Sigel, 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. For instance, the median home price in Sigel is $132,567, with tax bills ranging from $1,565 at the 25th percentile to $5,813 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $2,763, specifically in the 62462 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Sigel Assessed Value
$132,567
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | $14,898 | $73,683 | $132,567 | $225,054 | $291,337 |
Source: Ownwell
Property Tax Bills Across Sigel, Illinois
Property tax bills in Sigel, Cumberland County, IL, are calculated based on the assessed value of the property, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Sigel, homeowners can expect a median home price of $132,567. The property tax bill can vary significantly, with the 25th percentile at $1,565, the 75th percentile at $4,285, and the 90th percentile reaching up to $5,813. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessed values impact their financial responsibilities. This variability in property tax bills can significantly affect homeowners, influencing decisions on buying, selling, and maintaining property within the city. Understanding these factors is crucial for effective financial planning and property management.
Average Sigel Tax Bill
$2,763
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | $701 | $1,565 | $2,763 | $4,285 | $5,813 |
Source: Ownwell