Cadwell, Illinois Property Taxes
The median property tax rate in Cadwell, IL is 1.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cadwell at $80,119, the typical annual property tax bill reaches $1,252, which is below the national median of $2,690. Property taxes in Cadwell 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 Cadwell'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 Cadwell 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
Cadwell, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Cadwell Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cadwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cadwell to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular data, scrolling down will reveal trends at a neighborhood level. Your property’s assessed value is the value assigned by Moultrie County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cadwell, Illinois
Property taxes in Cadwell, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cadwell is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cadwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cadwell 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 Cadwell's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61911 zip code has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Cadwell provides valuable insights into the varying tax landscape across Moultrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cadwell Tax Rate
1.71%
Average Moultrie County Tax Rate
2.15%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cadwell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61911 | 1.02% | 1.41% | 1.71% | 2.04% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Cadwell, Illinois
In Cadwell, 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 local 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 Cadwell, 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. For instance, the median home price in Cadwell is $80,119, with tax bills ranging from $807 at the 25th percentile to $3,369 at the 90th percentile. 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 Cadwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cadwell Assessed Value
$80,119
Average Moultrie County Assessed Value
$97,648
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cadwell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61911 | $38,672 | $60,454 | $80,119 | $106,985 | $154,778 |
Source: Ownwell
Property Tax Bills Across Cadwell, Illinois
In Cadwell, property tax bills are determined by assessing the market value of a home and applying the local tax rate set by Moultrie County. The assessed value is typically a percentage of the market value, and this figure is then multiplied by the tax rate to calculate the annual tax bill. For example, with a median home price of $80,119, homeowners in Cadwell can expect varying tax bills depending on the assessed value and other factors. The 25th percentile tax bill is around $807, while the 75th percentile tax bill rises to $2,033. For those at the 90th percentile, the tax bill can reach up to $3,369. These figures show significant variation based on property values and local tax rates. Comparatively, the national median property tax rate is 0.99%, highlighting how local conditions can impact tax bills. This variability affects homeowners by influencing their annual expenses and potentially impacting their decisions on property investments and homeownership in Cadwell.
Average Cadwell Tax Bill
$1,252
Average Moultrie County Tax Bill
$2,121
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cadwell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61911 | $620 | $807 | $1,252 | $2,033 | $3,369 |
Source: Ownwell