Cameron, Illinois Property Taxes
The median property tax rate in Cameron, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cameron, the typical annual property tax bill reaches $224, which, despite being lower than the national median of $2,690, can still be a significant expense for homeowners. Property taxes in Cameron 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 Cameron'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 Cameron 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
Cameron, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$238
$232
Ownwell’s Cameron Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cameron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cameron 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 Cameron, Illinois
Property taxes in Cameron, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cameron is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cameron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cameron 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 Cameron's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61423 zip code has the highest median property tax rate of 2.58%, while the 61423 zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Cameron provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cameron Tax Rate
2.58%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cameron, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61423 | 2.46% | 2.50% | 2.58% | 2.66% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Cameron, Illinois
In Cameron, 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 Warren County Assessment Office 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 Cameron, 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 Cameron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $224, found in zip code 61423.
Average Cameron Assessed Value
$9,210
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cameron, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61423 | $7,002 | $7,830 | $9,210 | $26,880 | $37,482 |
Source: Ownwell
Property Tax Bills Across Cameron, Illinois
In Cameron, located in Warren County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property location, market conditions, and improvements can influence the assessed value. For instance, the median home price in Cameron is $9,210, and the tax bills can vary significantly across different percentiles. Homeowners in the 25th percentile pay around $200, while those in the 75th percentile pay approximately $687. The highest tax bills, in the 90th percentile, can reach up to $965. Compared to the national median property tax rate of 0.99%, Cameron's rates are relatively modest, reflecting the lower home values in the area. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Cameron Tax Bill
$224
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cameron, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61423 | $186 | $200 | $224 | $687 | $965 |
Source: Ownwell