Waverly, Illinois Property Taxes
The median property tax rate in Waverly, IL is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Waverly at $113,112, the typical annual property tax bill reaches $2,226, slightly below the national median of $2,690. Property taxes in Waverly 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 Waverly'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 Waverly 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
Waverly, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Waverly, Illinois
Property taxes in Waverly, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 1.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62692 zip code has the highest median property tax rate of 1.99%, while the same zip code also has the lowest median tax rate of 1.99%. Understanding how these cities compare with Waverly 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 Waverly Tax Rate
1.99%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, 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, Illinois
In Waverly, 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 Waverly, 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. The median home price in Waverly stands at $113,112, with tax bills ranging from $1,130 at the 25th percentile to $5,795 at the 90th percentile. The zip code 62692 has the highest and lowest median tax bills at $2,226. 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waverly Assessed Value
$113,112
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 Waverly, 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, Illinois
Property tax bills in Waverly, located in Sangamon County, Illinois, are calculated based on the assessed value of a property, which is typically a percentage of its market value. In this region, the median home price is $113,112. The local property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors contribute to the final tax amount, including the property's location within specific taxing districts, any applicable exemptions, and the local government's budgetary needs. For homeowners in Waverly, the property tax bill can vary significantly. At the 25th percentile, homeowners might expect to pay around $1,130 annually, whereas those in the 75th percentile could see bills as high as $3,299. At the 90th percentile, property taxes can reach up to $5,795. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Waverly's property tax rates reflect the specific financial requirements and property values within Sangamon County.
Average Waverly Tax Bill
$2,226
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, 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