With a median commercial property tax rate of 1.2% in fiscal year 2025, Savoy ranked as the fourth-lowest in Champaign County, data from BlockShopper.com shows.
The median for the county was 2.1% that year, positioning Savoy 0.9 percentage points under the countywide benchmark.
That fiscal year, Homer and Wilbur Heights shared a 2.1% median rate in Champaign County.
Commercial property tax rates among the 12 cities in Champaign County varied, from a low of 1.1% in Rantoul up to 3.8% in Bondville.
During fiscal year 2024, Savoy’s median commercial property tax rate was 2.3%, which was the fifth-lowest in the county at the time.
A nationwide study from the Lincoln Institute of Land Policy found that for 2024, commercial property tax rates in 53 major U.S. cities averaged 1.76%. Their analysis estimates a $1 million property including $200,000 in fixtures accrues a bill of roughly $21,060 annually. Rates among these cities ranged from well below 1% to as high as 4%.
Numerous states enact classification structures that may lead to commercial, industrial, and apartment property tax rates surpassing those of residential properties. According to the Lincoln Institute study, business property tax rates are sometimes multiples higher than those for residences—notably, Charleston applies an approximate multiple of six to its commercial rate over residential.
| Rank | City | Tax Rate % |
|---|---|---|
| 1 | Bondville | 3.8% |
| 2 | St. Joseph | 3.5% |
| 3 | Staley | 3.3% |
| 3 | Urbana | 3.3% |
| 5 | Fisher | 2.1% |
| 6 | Tolono | 1.9% |
| 7 | Champaign | 1.8% |
| 8 | Mahomet | 1.7% |
| 9 | Homer | 1.2% |
| 9 | Wilbur Heights | 1.2% |
| 9 | Savoy | 1.2% |
| 12 | Rantoul | 1.1% |
| Rank | Address | Tax Rate % |
|---|---|---|
| 1 | 104 W. Tomaras Ave. | 1.4% |
| 2 | N/A | 0.9% |
Note: Some property addresses may be incomplete or unavailable due to limitations in county assessor records.
This article’s information comes from BlockShopper.com. See the source details here.