62515 Property Tax Rate

Property owners in ZIP code 62515 (Buffalo, Illinois) pay a median of $3,221/year in property taxes on homes valued at $153,600. This translates to an effective tax rate of 2.10%, which is 12% above the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62515 is approximately $268, which factors into escrow payments on mortgages. This ZIP code is located within Sangamon County. This is $280 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62515 has lower property taxes. ZIP codes with similar effective rates include 60555 (2.10%) and 60963 (2.10%).

In Buffalo, property taxes represent approximately 3.3% of the median household income of $96,250, providing context for the relative tax burden on homeowners in this area.

Illinois caps assessed value growth at 7% annually, but your purchase triggers full reassessment to market value under state law. Sangamon County's $10,000 General Homestead Exemption reduces your taxable assessed value immediately — file the application with the Sangamon County Assessor within 30 days of closing. Monitor your first tax bill from the Sangamon County Assessor to confirm the exemption was applied correctly.