Havana, Illinois Property Taxes
The median property tax rate in Havana, IL is 1.97%, 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 Havana at $101,202, the typical annual property tax bill reaches $764, which is below the national median of $2,690. Property taxes in Havana are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Havana'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 Havana 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
Havana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.97%
Estimate Property Tax Bill
$1,994
$1,948
Ownwell's Havana Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Havana with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Havana to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Havana, Illinois
Property taxes in Havana, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Havana is 1.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Havana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Havana 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 Havana's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62644 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Havana 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 Havana Tax Rate
1.97%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Havana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62644 | 1.38% | 1.60% | 1.97% | 2.34% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Havana, Illinois
In Havana, 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 Havana, 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. Being aware of these valuation processes in Havana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Havana are both $764.00, found in the 62644 zip code.
Average Havana Assessed Value
$101,202
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 Havana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62644 | $20,235 | $44,580 | $101,202 | $125,240 | $136,534 |
Source: Ownwell
Property Tax Bills Across Havana, Illinois
In Havana, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $101,202, homeowners can expect varying tax bills depending on their property's specifics and the local tax rate. Factors such as property size, location, and any applicable exemptions can influence the assessed value. In Havana, tax bills at the 25th percentile are around $508, while those at the 75th percentile reach approximately $1,019. The highest median tax bill in the area is recorded at $764, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how these factors affect their tax bill is crucial for financial planning and managing homeownership costs effectively.
Average Havana Tax Bill
$764
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Havana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62644 | $355 | $508 | $764 | $1,019 | $1,172 |
Source: Ownwell