Loami, Illinois Property Taxes
The median property tax rate in Loami, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Loami at $131,602, the typical annual property tax bill reaches $2,647, slightly below the national median of $2,690. Property taxes in Loami 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 Loami'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 Loami 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
Loami, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$2,698
$2,504
Ownwell’s Loami Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loami 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 Loami, Illinois
Property taxes in Loami, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Loami is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Loami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loami 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 Loami's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62661 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Loami 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 Loami Tax Rate
2.05%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loami, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62661 | 1.48% | 1.88% | 2.05% | 2.16% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Loami, Illinois
In Loami, 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 Loami, 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 Loami helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62661, with a median tax bill of $2,647.
Average Loami Assessed Value
$131,602
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 Loami, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62661 | $70,471 | $88,396 | $131,602 | $188,527 | $236,332 |
Source: Ownwell
Property Tax Bills Across Loami, Illinois
In Loami, located in Sangamon County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. Homeowners in this area experience a range of property tax bills, influenced by factors such as property location, size, and improvements. The median home price in Loami is $131,602, and the property tax rate in Sangamon County is derived from this assessed value. For instance, tax bills for the 25th percentile are around $1,686, while those in the 75th percentile reach up to $3,929. At the higher end, the 90th percentile tax bills can go up to $5,073. The highest median tax bill in the area is $2,647, found in zip code 62661. These property taxes significantly impact homeowners, as they contribute to local services and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Loami may find their tax rates to be competitive or slightly higher, depending on their property's assessed value.
Average Loami Tax Bill
$2,647
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Loami, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62661 | $1,183 | $1,686 | $2,647 | $3,929 | $5,073 |
Source: Ownwell