Glenarm, Illinois Property Taxes
The median property tax rate in Glenarm, IL is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Glenarm at $188,523, the typical annual property tax bill reaches $3,858, exceeding the national median of $2,690. Property taxes in Glenarm 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 Glenarm'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 Glenarm or another part of Sangamon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glenarm, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$3,940
$3,656
Ownwell’s Glenarm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenarm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenarm 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 Glenarm, Illinois
Property taxes in Glenarm, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenarm stands at 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Glenarm set these rates annually, and they can vary considerably across different neighborhoods. Each year, Glenarm 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 Glenarm's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62536 has both the highest and lowest median property tax rate of 2.09%. Understanding how these rates compare with Glenarm 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 Glenarm Tax Rate
2.09%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glenarm, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62536 | 1.73% | 1.97% | 2.09% | 2.15% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Glenarm, Illinois
In Glenarm, 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 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 Glenarm, 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. For instance, the median home price in Glenarm is $188,523, with tax bills ranging from $2,955 at the 25th percentile to $5,925 at the 90th percentile. Notably, the zip code 62536 has the highest and lowest median tax bill, both at $3,858. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Glenarm Assessed Value
$188,523
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 Glenarm, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62536 | $106,093 | $151,425 | $188,523 | $228,384 | $282,892 |
Source: Ownwell
Property Tax Bills Across Glenarm, Illinois
In Glenarm, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. The median home price in Glenarm is $188,523. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, residents in the 25th percentile pay around $2,955, while those in the 75th percentile face bills closer to $4,785. Homeowners in the 90th percentile can see tax bills as high as $5,925. Several factors influence the amount homeowners pay, including the property's location within Sangamon County, the quality of local schools, and the availability of public services. These property taxes fund essential community services such as education, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Glenarm's property tax rates demonstrate a significant range, impacting homeowners differently based on their property's assessed value and specific circumstances.
Average Glenarm Tax Bill
$3,858
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenarm, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62536 | $1,894 | $2,955 | $3,858 | $4,785 | $5,925 |
Source: Ownwell