Cuba, Illinois Property Taxes
The median property tax rate in Cuba, IL is 2.79%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cuba at $81,712, the typical annual property tax bill reaches $1,152, exceeding the national median of $2,690. Property taxes in Cuba 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 Cuba'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 Cuba 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
Cuba, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.79%
Estimate Property Tax Bill
$2,280
$2,228
Ownwell’s Cuba Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Cuba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cuba 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 Cuba, Illinois
Property taxes in Cuba, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cuba is 2.79%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cuba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cuba 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 Cuba's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61427 zip code has the highest median property tax rate of 2.79%, while the lowest median tax rate in the same zip code is also 2.79%. Understanding how these cities compare with Cuba provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cuba Tax Rate
2.79%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cuba, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61427 | 1.43% | 1.98% | 2.79% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Cuba, Illinois
In Cuba, 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 Fulton 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 Cuba, 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 Cuba is $81,712, with tax bills ranging from $612 at the 25th percentile to $2,974 at the 90th percentile. The highest and lowest median tax bills, both at $1,152, are found in the 61427 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cuba Assessed Value
$81,712
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cuba, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61427 | $29,568 | $48,859 | $81,712 | $127,748 | $175,532 |
Source: Ownwell
Property Tax Bills Across Cuba, Illinois
In Cuba, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Typically, the assessed value is determined by the local tax assessor’s office. Various factors such as property size, location, and improvements are considered to determine this value. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. For homeowners in Cuba, the median home price is $81,712. Property tax bills can vary significantly, with the 25th percentile tax bill at $612 and the 75th percentile reaching $1,855. At the 90th percentile, homeowners might pay up to $2,974. These rates can have a notable impact on homeowners, influencing their annual budget and overall cost of living. Compared to the national median property tax rate of 0.99%, Cuba’s property tax rates reflect the local economic conditions and public service funding requirements.
Average Cuba Tax Bill
$1,152
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cuba, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61427 | $286 | $612 | $1,152 | $1,855 | $2,974 |
Source: Ownwell