Springerton, Illinois Property Taxes
The median property tax rate in Springerton, IL is 1.59%, which is considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Springerton at $41,308, the typical annual property tax bill is $506, significantly below the national median of $2,690. Property taxes in Springerton 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 Springerton'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 Springerton 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
Springerton, 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 Springerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springerton 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 Springerton, Illinois
Property taxes in Springerton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springerton is 1.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Springerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springerton 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 Springerton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62887 zip code has both the highest and lowest median property tax rate of 1.59%. Understanding how these cities compare with Springerton provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springerton Tax Rate
1.59%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62887 | 0.53% | 1.19% | 1.59% | 1.98% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Springerton, Illinois
In Springerton, 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 White 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 Springerton, 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. For instance, the median home price in Springerton is $41,308, with tax bills ranging from $203 at the 25th percentile to $1,483 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springerton Assessed Value
$41,308
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62887 | $8,169 | $23,453 | $41,308 | $56,557 | $88,328 |
Source: Ownwell
Property Tax Bills Across Springerton, Illinois
In Springerton, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $41,308, the assessed value is determined by local assessment rules. The tax rate applied to this assessed value helps determine the final tax bill. Factors influencing the tax bill include property characteristics, local government budgets, and specific exemptions or reductions. Homeowners in Springerton can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $203, while at the 75th percentile, it rises to approximately $866. For those at the 90th percentile, the tax bill can be as high as $1,483. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, the tax rates in Springerton can lead to varying financial impacts on homeowners, depending on their property values and applicable exemptions.
Average Springerton Tax Bill
$506
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Springerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62887 | $97 | $203 | $506 | $866 | $1,483 |
Source: Ownwell