62704 Property Tax Rate

Property owners in ZIP code 62704 (Springfield, Illinois) pay a median of $3,588/year in property taxes on homes valued at $166,900. This translates to an effective tax rate of 2.15%, which is 15% above the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62704 is approximately $299, which factors into escrow payments on mortgages. This ZIP code is located within Sangamon County.

Compared to similar ZIP codes in Illinois, 62704 has higher property taxes. ZIP codes with similar effective rates include 62848 (2.15%) and 61839 (2.15%).

In Springfield, property taxes represent approximately 5.4% of the median household income of $66,352, 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.