Divernon, Illinois Property Taxes
The median property tax rate in Divernon, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Divernon, the typical annual property tax bill reaches $2,206, which is below the national median of $2,690. Property taxes in Divernon 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 Divernon'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 Divernon 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
Divernon, 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 Divernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Divernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Divernon 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 Divernon, Illinois
Property taxes in Divernon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Divernon is 1.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Divernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Divernon 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 Divernon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62530 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Divernon provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Divernon Tax Rate
1.93%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Divernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62530 | 1.37% | 1.78% | 1.93% | 2.05% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Divernon, Illinois
In Divernon, 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 Sangamon 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 Divernon, 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 Divernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,206, found in zip code 62530.
Average Divernon Assessed Value
$116,736
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Divernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62530 | $58,366 | $83,133 | $116,736 | $168,021 | $203,414 |
Source: Ownwell
Property Tax Bills Across Divernon, Illinois
In Divernon, located in Sangamon County, IL, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. For instance, if the median home price is $116,736, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine your annual tax bill. Various factors influence the final tax amount, including local government budgets, school funding needs, and public services. Homeowners in Divernon can expect their tax bills to range significantly. At the 25th percentile, the tax bill is around $1,409, while at the 75th percentile, it can go up to $3,385. Those in the 90th percentile might pay as much as $4,173. These property taxes fund essential community services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help residents anticipate their financial obligations and plan accordingly.
Average Divernon Tax Bill
$2,206
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Divernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62530 | $857 | $1,409 | $2,206 | $3,385 | $4,173 |
Source: Ownwell