Saunemin, Illinois Property Taxes
The median property tax rate in Saunemin, IL is 2.80%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Saunemin, the typical annual property tax bill reaches $4,475, exceeding the national median of $2,690. Property taxes in Saunemin 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 Saunemin'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 Saunemin 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
Saunemin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$4,613
$4,281
Ownwell’s Saunemin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saunemin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saunemin 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 Saunemin, Illinois
Property taxes in Saunemin, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saunemin is 2.80%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Saunemin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saunemin 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 Saunemin's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 61769 has the highest median property tax rate of 2.80%, while the same zip code also has the lowest median tax rate of 2.80%. Understanding how these figures compare with Saunemin provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saunemin Tax Rate
2.80%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saunemin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61769 | 2.17% | 2.55% | 2.80% | 3.00% | 3.48% |
Source: Ownwell
Property Tax Assessment Values Across Saunemin, Illinois
In Saunemin, 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 Livingston 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 Saunemin, 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 Saunemin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61769 has the highest and lowest median tax bill at $4,475.
Average Saunemin Assessed Value
$164,762
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saunemin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61769 | $20,016 | $120,757 | $164,762 | $249,127 | $286,940 |
Source: Ownwell
Property Tax Bills Across Saunemin, Illinois
In Saunemin, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Various factors, including the property's size, location, and condition, influence this assessment. For homeowners in Livingston County, the median home price stands at $164,762. The property tax rate in this region can lead to substantial tax bills, with the 25th percentile tax bill at $3,302 and the 75th percentile reaching $7,344. The highest median tax bill in the area is $4,475, which is calculated for the zip code 61769. These tax bills can significantly impact homeowners, as they must budget for these annual expenses. Compared to the national median property tax rate of 0.99%, homeowners in Saunemin may find their tax rates and resulting bills to be a considerable financial consideration.
Average Saunemin Tax Bill
$4,475
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Saunemin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61769 | $1,917 | $3,302 | $4,475 | $7,344 | $9,037 |
Source: Ownwell