Springerton, Illinois Property Taxes
The median property tax rate in Springerton, IL is 1.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Springerton, the typical annual property tax bill reaches $1,368, exceeding the national median of $2,690. Property taxes in Springerton 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 Springerton'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 Springerton 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
Springerton, 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 Springerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springerton 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 Springerton, Illinois
Property taxes in Springerton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springerton is 2.13%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Springerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springerton 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 Springerton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62887 zip code has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Springerton provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springerton Tax Rate
1.57%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62887 | 0.32% | 1.22% | 1.57% | 1.73% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Springerton, Illinois
In Springerton, 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 Hamilton 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 Springerton, 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 Springerton is $81,874, with tax bills ranging from $394 at the 25th percentile to $3,463 at the 90th percentile. For instance, the zip code 62887 has the highest and lowest median tax bill of $1,368. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Springerton Assessed Value
$81,874
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62887 | $14,546 | $49,332 | $81,874 | $145,561 | $211,186 |
Source: Ownwell
Property Tax Bills Across Springerton, Illinois
In Springerton, property tax bills are calculated based on the assessed value of the home, which is determined by the Hamilton County assessor's office. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $81,874, the property tax rate in Hamilton County plays a crucial role in determining the final tax bill. Factors such as property location, improvements, and local tax rates all contribute to the overall tax bill. Homeowners in Springerton can expect their tax bills to vary significantly. For example, those in the 25th percentile pay around $394, while those in the 75th percentile face bills of approximately $2,427. At the higher end, the 90th percentile tax bill reaches $3,463. The highest median tax bill in the area is $1,368, which is notably higher than the national median property tax rate of 0.99%. These variations significantly impact homeowners, influencing their annual financial planning and long-term investment decisions.
Average Springerton Tax Bill
$1,368
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Springerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62887 | $127 | $394 | $1,368 | $2,427 | $3,463 |
Source: Ownwell