Sumner, Illinois Property Taxes
The median property tax rate in Sumner, IL is 4.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sumner at $23,375, the typical annual property tax bill reaches $796, which is significantly lower than the national median of $2,690. Property taxes in Sumner 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 Sumner'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 Sumner 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
Sumner, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.19%
Estimate Property Tax Bill
$979
$909
Ownwell’s Sumner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sumner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sumner 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 Sumner, Illinois
Property taxes in Sumner, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sumner is 4.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sumner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sumner 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 Sumner's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62466 zip code has both the highest and lowest median property tax rate of 4.19%. Understanding how these cities compare with Sumner provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sumner Tax Rate
4.19%
Average Lawrence County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sumner, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62466 | 1.78% | 2.06% | 4.19% | 5.98% | 7.07% |
Source: Ownwell
Property Tax Assessment Values Across Sumner, Illinois
In Sumner, 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 Lawrence County Assessment Office 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 Sumner, 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. The median home price in Sumner is $23,375, with the 25th percentile tax bill at $343 and the 75th percentile tax bill at $1,676. Being aware of these valuation processes in Sumner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sumner Assessed Value
$23,375
Average Lawrence County Assessed Value
$22,875
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sumner, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62466 | $3,688 | $9,481 | $23,375 | $41,673 | $74,916 |
Source: Ownwell
Property Tax Bills Across Sumner, Illinois
In Sumner, located in Lawrence County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this calculation, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Sumner, the median home price is $23,375, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $343, while the 75th percentile tax bill is $1,676, and the 90th percentile tax bill reaches $2,833. The highest and lowest median tax bill in the area is $796, both found in the zip code 62466. Compared to the national median property tax rate of 0.99%, Sumner's tax rates can impact homeowners differently based on their property's assessed value and eligibility for any exemptions. Understanding these factors is crucial for homeowners to manage their property tax liabilities effectively.
Average Sumner Tax Bill
$796
Average Lawrence County Tax Bill
$743
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sumner, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62466 | $107 | $343 | $796 | $1,676 | $2,833 |
Source: Ownwell