Spaulding, Illinois Property Taxes
The median property tax rate in Spaulding, IL is 2.00%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Spaulding, the typical annual property tax bill reaches $3,462, exceeding the national median of $2,690. Property taxes in Spaulding 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 Spaulding'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 Spaulding 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
Spaulding, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$3,517
$3,437
Ownwell’s Spaulding Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spaulding with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spaulding 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 Spaulding, Illinois
Property taxes in Spaulding, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spaulding is 2.00%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Spaulding set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spaulding 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 Spaulding's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62561 zip code has the highest median property tax rate of 2.00%, while the same zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Spaulding 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 Spaulding Tax Rate
2.00%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spaulding, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | 1.68% | 1.82% | 2.00% | 2.10% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Spaulding, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Spaulding, Illinois. The market value represents 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 Spaulding, 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 Spaulding helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $3462 in zip code 62561, while the lowest is also $3462 in the same zip code, highlighting the consistency in tax assessments within this region.
Average Spaulding Assessed Value
$175,851
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 Spaulding, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | $100,186 | $135,067 | $175,851 | $231,678 | $275,073 |
Source: Ownwell
Property Tax Bills Across Spaulding, Illinois
In Spaulding, located in Sangamon County, IL, property tax bills are calculated based on a combination of the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, if the median home price is $175,851, this figure plays a crucial role in determining the assessed value. The local tax rate is applied to the assessed value to calculate the tax bill. In Spaulding, homeowners can expect significant variations in their property tax bills, with the 25th percentile at $2,472 and the 75th percentile at $4,881. The 90th percentile sees tax bills as high as $5,811. These figures highlight the impact of property taxes on homeowners, affecting their annual financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Spaulding's tax rates can be seen as relatively high, making it essential for homeowners to understand these factors when budgeting for their property expenses.
Average Spaulding Tax Bill
$3,462
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Spaulding, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | $1,641 | $2,472 | $3,462 | $4,881 | $5,811 |
Source: Ownwell