Virden, Illinois Property Taxes
The median property tax rate in Virden, IL is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Virden at $161,278, the typical annual property tax bill reaches $3,851, exceeding the national median of $2,690. Property taxes in Virden 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 Virden'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 Virden 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
Virden, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$3,822
$3,547
Ownwell’s Virden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virden 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 Virden, Illinois
Property taxes in Virden, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Virden stands at 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Virden set these rates annually, and they can vary across different neighborhoods. Each year, Virden 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 Virden's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62690 has both the highest and lowest median property tax rate of 2.37%. Understanding how these areas compare with Virden 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 Virden Tax Rate
2.37%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62690 | 1.94% | 2.15% | 2.37% | 2.54% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Virden, Illinois
In Virden, 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 Virden, 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 Virden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,851, found in the 62690 zip code.
Average Virden Assessed Value
$161,278
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 Virden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62690 | $131,510 | $141,769 | $161,278 | $193,676 | $242,059 |
Source: Ownwell
Property Tax Bills Across Virden, Illinois
In Virden, Sangamon County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $161,278, the assessed value is used to compute the tax bill. Various factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. Homeowners in Virden can expect a range of tax bills. For example, the 25th percentile tax bill is around $3,076, while the 75th percentile tax bill is approximately $4,697. At the 90th percentile, tax bills can reach up to $6,355. The median tax bill in the area is about $3,851, which is higher than the national median property tax rate of 0.99%. This can significantly impact homeowners, affecting their annual budget and overall housing affordability. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Virden Tax Bill
$3,851
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Virden, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62690 | $2,413 | $3,076 | $3,851 | $4,697 | $6,355 |
Source: Ownwell