Waverly, Sangamon County, Illinois Property Taxes

Name: Property Tax Bills Across Waverly, Sangamon County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Waverly, IL effective property tax rate: 1.99%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Waverly, IL home value: $113,112
Median annual Waverly, IL tax bill: $2,226, $174 lower than the national median property tax bill of $2,400.

How are property taxes in Sangamon calculated?

Property taxes in Waverly, 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 Waverly’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Waverly, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Waverly, Sangamon County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.99%

Estimate Property Tax Bill

$2,251

$2,089

Ownwell’s Waverly Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, our calculator applies Waverly’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Sangamon County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Waverly, Sangamon County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county 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. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.

In Waverly, located in Sangamon County, Illinois, the effective property tax rate reflects this process. Compared to other cities in Illinois, Waverly's rate aligns closely with the state median. However, it is significantly higher than the national median property tax rate of 1.02%. This discrepancy highlights the variability in property tax rates across the U.S. and underscores the importance of understanding local tax policies. Property owners in Waverly and similar areas can benefit from property tax appeal and exemption services to potentially reduce their tax burden. By staying informed and proactive, residents can ensure they are not overpaying on their property taxes, ultimately saving money and contributing to a fairer tax system.

Property Tax Rates Across Waverly, Sangamon County, Illinois

Source: Ownwell

1.74%

2.36%

2.99%

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 Waverly Tax Rate

1.99%

Median Effective Sangamon County Tax Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Waverly, Sangamon County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62692	1.60%	1.81%	1.99%	2.20%	2.33%

Source: Ownwell

Property Tax Assessment Values Across Waverly, Sangamon County, Illinois

When examining property taxes in Waverly, IL, 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 Waverly. For example, the median home price in Waverly is $113,112, with tax bills ranging significantly across the county. 62692 has the highest median home price at $113,112.

Property Tax Assessment Values Across Waverly, Sangamon County, Illinois

Source: Ownwell

$56,421

$155,278

$254,134

Median Waverly Market Value

$113,112

Median Sangamon County Market Value

$144,820

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Waverly, Sangamon County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62692	$50,431	$65,760	$113,112	$148,218	$250,108

Source: Ownwell

Property Tax Bills Across Waverly, Sangamon County, Illinois

In Waverly, Illinois, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. Sangamon County homeowners face a property tax rate that can lead to significant tax bills. For instance, the median tax bill in Waverly is $2,226, which is slightly below the national median of $2,400. However, depending on various factors such as location and property characteristics, tax bills can vary widely. Homeowners in the 25th percentile pay around $1,130, while those in the 90th percentile face bills as high as $5,795. These variations underscore the importance of understanding how assessed values and local tax rates impact individual tax obligations.

Ownwell assists homeowners by identifying potential savings through property tax appeals. Our experts analyze your property's assessed value and compare it to similar properties to ensure fair taxation. By leveraging our services, homeowners in Waverly can potentially reduce their tax burden, ensuring they only pay what is necessary and fair.

Property Tax Bills Across Waverly, Sangamon County, Illinois

Source: Ownwell

$1,004

$3,692

$6,380

Median Waverly Tax Bill

$2,226

Median Sangamon County Tax Bill

$3,283

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Waverly, Sangamon County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62692	$853	$1,130	$2,226	$3,299	$5,795

Source: Ownwell