Lerna, Illinois Property Taxes
The median property tax rate in Lerna, IL is 1.84%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lerna, the typical annual property tax bill reaches $1,446, exceeding the national median of $2,690. Property taxes in Lerna 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 Lerna'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 Lerna 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
Lerna, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$1,644
$1,606
Ownwell’s Lerna Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lerna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lerna to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by Cumberland County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lerna, Illinois
Property taxes in Lerna, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lerna is 1.84%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lerna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lerna 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 Lerna's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62440 has both the highest and lowest median property tax rate of 1.84%. Understanding how these cities compare with Lerna provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lerna Tax Rate
1.84%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lerna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62440 | 1.34% | 1.55% | 1.84% | 2.09% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Lerna, Illinois
In Lerna, 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 Cumberland 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 Lerna, 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 Lerna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lerna is $89,349, with the 25th percentile tax bill at $900 and the 75th percentile tax bill at $2,729. The highest and lowest median tax bills are both $1,446, found in the 62440 zip code.
Average Lerna Assessed Value
$89,349
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lerna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62440 | $15,744 | $50,955 | $89,349 | $139,404 | $216,236 |
Source: Ownwell
Property Tax Bills Across Lerna, Illinois
In Lerna, located in Cumberland County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Lerna is $89,349. The local property tax rate is applied to this assessed value to determine the annual tax bill. Various factors, including property size, location, and any applicable exemptions or deductions, influence the assessed value. Homeowners in Lerna can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $900, while at the 75th percentile, it reaches approximately $2,729. At the 90th percentile, the tax bill can go up to $4,154. The highest and lowest median tax bills in the area are both $1,446, indicating some uniformity in tax assessments within certain neighborhoods. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Lerna's property tax rates reflect the local economic conditions and funding requirements.
Average Lerna Tax Bill
$1,446
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lerna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62440 | $400 | $900 | $1,446 | $2,729 | $4,154 |
Source: Ownwell