Sigel, Illinois Property Taxes
The median property tax rate in Sigel, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sigel, the typical annual property tax bill reaches $2,433, slightly below the national median of $2,690. Property taxes in Sigel 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 Sigel'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 Sigel 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
Sigel, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$2,024
$1,977
Ownwell’s Sigel Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sigel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sigel to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Sigel, Illinois
Property taxes in Sigel, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sigel is 2.12%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sigel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sigel 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 Sigel's effective property tax rate to other areas and the national median. For comparison, the highest median property tax rate in Shelby County is also 2.12%, found in the 62462 zip code, while the lowest median tax rate is the same. Understanding how these rates compare within Sigel provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sigel Tax Rate
2.12%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | 1.50% | 1.90% | 2.12% | 2.38% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Sigel, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sigel, Illinois. 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 Shelby 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 Sigel, 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 Sigel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62462, with a median tax bill of $2,433.
Average Sigel Assessed Value
$95,457
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | $14,907 | $36,286 | $95,457 | $177,884 | $231,081 |
Source: Ownwell
Property Tax Bills Across Sigel, Illinois
Property tax bills in Sigel, located in Shelby County, IL, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined through periodic assessments by local authorities. In Shelby County, the median home price stands at $95,457. Homeowners in Sigel experience varying tax bills, with the 25th percentile paying around $988, while those at the 75th percentile face bills up to $3,881. The highest median tax bill in the area is recorded at $2,433. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Sigel homeowners may find their property tax rates to be competitive, depending on their property's assessed value and specific local tax rates. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Sigel Tax Bill
$2,433
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sigel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62462 | $462 | $988 | $2,433 | $3,881 | $5,094 |
Source: Ownwell