Sherman, Illinois Property Taxes
The median property tax rate in Sherman, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sherman, the typical annual property tax bill reaches $4,879, exceeding the national median of $2,690. Property taxes in Sherman 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 Sherman’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 Sherman 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
Sherman, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$4,895
$4,783
Ownwell’s Sherman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherman 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 Sherman, Illinois
Property taxes in Sherman, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherman is 2.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sherman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherman 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 Sherman's effective property tax rate to other areas in Sangamon County and the national median. For comparison, the zip code 62684 has both the highest and lowest median property tax rate of 2.18%. Understanding how these areas compare with Sherman 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 Sherman Tax Rate
2.18%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62684 | 1.89% | 2.05% | 2.18% | 2.27% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Sherman, Illinois
In Sherman, 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 Sherman, 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 Sherman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sherman are both $4879.00, found in zip code 62684.
Average Sherman Assessed Value
$224,553
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 Sherman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62684 | $147,404 | $180,189 | $224,553 | $296,887 | $368,360 |
Source: Ownwell
Property Tax Bills Across Sherman, Illinois
In Sherman, 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 Sherman see their properties assessed to determine their tax obligations. The median home price in Sherman is $224,553, and the property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. The property tax bills in Sherman show a significant range. Homeowners at the 25th percentile pay around $3,706, while those at the 75th percentile pay approximately $6,667. The 90th percentile sees tax bills as high as $8,456. Compared to the national median property tax rate of 0.99%, Sherman’s property tax bills reflect the region's specific economic and property market conditions. This variation in tax bills affects homeowners differently, impacting their annual financial planning and the overall cost of homeownership.
Average Sherman Tax Bill
$4,879
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62684 | $2,877 | $3,706 | $4,879 | $6,667 | $8,456 |
Source: Ownwell