Cambria, Illinois Property Taxes
The median property tax rate in Cambria, IL is 2.33%, considerably higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With the median home value in Cambria at $47,715, the typical annual property tax bill reaches $840, which is lower than the national median of $2,690. Property taxes in Cambria 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 Cambria'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 Cambria 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
Cambria, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$1,112
$1,086
Ownwell’s Cambria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambria 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 Cambria, Illinois
Property taxes in Cambria, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambria is 1.73%, higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Cambria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambria 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 Cambria's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62915 zip code has the highest median property tax rate of 1.73%, while the same zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Cambria provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambria Tax Rate
2.33%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62915 | 0.93% | 1.54% | 2.33% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Cambria, Illinois
In Cambria, 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 Williamson 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 Cambria, 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 Cambria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62915 in Cambria has the highest and lowest median tax bill of $840.
Average Cambria Assessed Value
$47,715
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62915 | $5,190 | $24,398 | $47,715 | $75,615 | $124,905 |
Source: Ownwell
Property Tax Bills Across Cambria, Illinois
In Cambria, Williamson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the home's market value. For instance, if a home's market value is $47,715, the assessed value might be a fraction of that amount. Property tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local government budgets, school district funding needs, and public services. Homeowners in Cambria can expect tax bills that range significantly. The 25th percentile tax bill is around $380, while the 75th percentile reaches $1,542, and the 90th percentile goes up to $3,014. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessments impact their finances. High property taxes can affect affordability and the overall cost of homeownership in the area.
Average Cambria Tax Bill
$840
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62915 | $119 | $380 | $840 | $1,542 | $3,014 |
Source: Ownwell