Sherrard, Mercer County, Illinois Property Taxes

Name: Property Tax Bills Across Sherrard, Mercer County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Sherrard, IL effective property tax rate: 2.38%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median Sherrard, IL home value: $156,156
Median annual Sherrard, IL tax bill: $3,143, $743 higher than the national median property tax bill of $2,400.

How are property taxes in Mercer calculated?

Property taxes in Sherrard, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Sherrard’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Sherrard, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Sherrard, Mercer County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.38%

Estimate Property Tax Bill

$3,717

$3,449

Ownwell’s Sherrard Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sherrard with just two data points. By entering your property's estimated assessed value, our calculator applies Sherrard’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Mercer County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Sherrard, Mercer County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Sherrard’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Sherrard, located in Mercer County, has a property tax rate that significantly exceeds the national median. The effective property tax rate in Sherrard is considerably higher than the national average of 1.02%. This means that homeowners in Sherrard are likely to pay more in property taxes compared to many other regions across the country. Understanding these rates is crucial for property owners seeking to manage their expenses effectively. By comparing Sherrard's tax rates to state and national averages, property owners can better understand their tax obligations and explore potential savings through appeals or exemptions.

Property Tax Rates Across Sherrard, Mercer County, Illinois

Source: Ownwell

2.25%

2.50%

2.75%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Sherrard Tax Rate

2.38%

Median Effective Mercer County Tax Rate

2.47%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Sherrard, Mercer County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61281	1.58%	2.17%	2.38%	2.53%	2.62%

Source: Ownwell

Property Tax Assessment Values Across Sherrard, Mercer County, Illinois

When examining property taxes in Sherrard, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Mercer County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Mercer County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Sherrard. For example, the median home price in Sherrard is $156,156, with tax bills ranging significantly across the county. 61281 has the highest median home price at $156,156.

Property Tax Assessment Values Across Sherrard, Mercer County, Illinois

Source: Ownwell

$90,765

$152,274

$213,783

Median Sherrard Market Value

$156,156

Median Mercer County Market Value

$156,489

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Sherrard, Mercer County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61281	$38,391	$82,560	$156,156	$244,579	$312,290

Source: Ownwell

Property Tax Bills Across Sherrard, Mercer County, Illinois

Property tax bills in Sherrard, located in Mercer County, Illinois, are determined based on the assessed value of a property. This assessed value is a percentage of the property's market value. In Sherrard, the median home price stands at $156,156, which influences the property tax calculation. Various factors such as location, property size, and local tax rates contribute to determining the final tax bill. Homeowners in Sherrard face a median property tax bill significantly higher than the national median, with the 75th percentile reaching $5,622 and the 90th percentile soaring to $7,250. This can place a financial burden on homeowners, making it essential to explore ways to reduce these costs. Ownwell offers professional property tax appeal and exemption services to help homeowners in Sherrard lower their tax bills. By leveraging local expertise and a deep understanding of the property tax system, Ownwell can identify potential savings and guide homeowners through the appeal process, ensuring they pay only what is necessary.

Property Tax Bills Across Sherrard, Mercer County, Illinois

Source: Ownwell

$1,712

$3,760

$5,808

Median Sherrard Tax Bill

$3,143

Median Mercer County Tax Bill

$3,661

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Sherrard, Mercer County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61281	$715	$1,690	$3,143	$5,622	$7,250

Source: Ownwell