Sherman, Sangamon County, Illinois Property Taxes
Median Sherman, IL effective property tax rate: 2.18%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Sherman, IL home value: $224,553
Median annual Sherman, IL tax bill: $4,879, $2,479 higher than the national median property tax bill of $2,400.
How are property taxes in Sangamon calculated?
Property taxes in Sherman, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Sherman’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Sherman, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Sherman, Sangamon County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.18%
Estimate Property Tax Bill
$4,895
$4,543
Property Tax Rates Across Sherman, Sangamon County, Illinois
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Votes and laws play a role in setting these rates and budgets, but this is the basic annual process.
In Sherman, located in Sangamon County, Illinois, the effective property tax rate is 2.18%. This rate is considerably higher than the national median property tax rate of 1.02%. When compared to other cities in Illinois, Sherman's tax rate is on the higher end, reflecting the county's budgetary needs and property values. It's important for property owners in Sherman to understand how these rates impact their annual tax bills, which are influenced by both local government decisions and the assessed value of their property.
Understanding these factors can help property owners make informed decisions about property tax appeals and exemptions, potentially reducing their annual tax burden.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Sherman Taxx Rate
2.18%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Sangamon County Taxx Rate
2.31%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Sherman, Sangamon County, 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, Sangamon County, Illinois
When examining property taxes in Sherman, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Sangamon County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Sangamon County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Sherman. For example, the median home price in Sherman is $224,553, with tax bills ranging significantly across the county. Zip code 62684 has the highest median home price at $224,553.
Property Tax Assessment Values Across Sherman, Sangamon County, Illinois
Source: Ownwell
$56,421
$155,278
$254,134
Median Sherman Market Value
$224,553
Median Sangamon County Market Value
$144,820
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Sherman, Sangamon County, 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, Sangamon County, Illinois
Median Sherman Tax Bill
$4,879
Median Sangamon County Tax Bill
$3,283
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Sherman, Sangamon County, 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