Cullom, Illinois Property Taxes
The median property tax rate in Cullom, IL is 2.94%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cullom at $155,529, the typical annual property tax bill reaches $4,977, far exceeding the national median of $2,690. Property taxes in Cullom are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cullom'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 Cullom 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
Cullom, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$4,573
$4,468
Ownwell’s Cullom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cullom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cullom 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 Cullom, Illinois
Property taxes in Cullom, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cullom is 2.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cullom set these rates annually, and they can vary considerably across different neighborhoods. Each year, Cullom 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 Cullom's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60929 zip code has both the highest and lowest median property tax rate of 2.94%. Understanding how these cities compare with Cullom provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cullom Tax Rate
2.94%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cullom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60929 | 2.66% | 2.92% | 2.94% | 3.21% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Cullom, Illinois
In Cullom, 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 Livingston 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 Cullom, 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 Cullom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60929, with a median tax bill of $4,977.
Average Cullom Assessed Value
$155,529
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cullom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60929 | $42,419 | $75,858 | $155,529 | $223,032 | $333,312 |
Source: Ownwell
Property Tax Bills Across Cullom, Illinois
Property tax bills in Cullom, Livingston County, IL, are calculated based on the assessed value of a property, which is typically a percentage of the market value. Local tax rates, set by various taxing authorities such as school districts and municipalities, are then applied to this assessed value. For homeowners in Cullom, the median home price stands at $155,529. Property tax bills can vary significantly, with the 25th percentile at $2,472 and the 75th percentile reaching $6,334. The 90th percentile tax bill can be as high as $11,102. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. For instance, the highest median tax bill recorded in the area is $4,977, which is significantly higher than the national median property tax rate of 0.99%. This means that property taxes in Cullom can be a considerable expense, affecting both current homeowners and potential buyers. Understanding these factors is crucial for effective financial management and long-term planning.
Average Cullom Tax Bill
$4,977
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cullom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60929 | $1,349 | $2,472 | $4,977 | $6,334 | $11,102 |
Source: Ownwell