Sherrard, Illinois Property Taxes
The median property tax rate in Sherrard, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sherrard, the typical annual property tax bill reaches $3,143, exceeding the national median of $2,690. Property taxes in Sherrard 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 Sherrard'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 Sherrard 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
Sherrard, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$3,717
$3,449
Ownwell’s Sherrard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherrard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherrard 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 Sherrard, Illinois
Property taxes in Sherrard, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherrard is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sherrard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherrard 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 Sherrard's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61281 zip code has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Sherrard provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherrard Tax Rate
2.38%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherrard, 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, Illinois
In Sherrard, 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 local 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 Sherrard, 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 Sherrard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sherrard both stand at $3,143, located in the 61281 zip code.
Average Sherrard Assessed Value
$156,156
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherrard, 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, Illinois
Property tax bills in Sherrard, Mercer County, IL, are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, the median home price in Sherrard is $156,156, and tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,690 annually, while those in the 75th percentile might see bills up to $5,622. Those in the 90th percentile face even higher taxes, reaching up to $7,250. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Sherrard's property tax rate is notably higher than the national median property tax rate of 0.99%, which can be a substantial financial consideration for homeowners. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Sherrard Tax Bill
$3,143
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherrard, 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