Neoga, Cumberland County, Illinois Property Taxes
Median Neoga, IL effective property tax rate: 1.83%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Neoga, IL home value: $117,968
Median annual Neoga, IL tax bill: $2,104, $296 lower than the national median property tax bill of $2,400.
How are property taxes in Cumberland calculated?
Property taxes in Neoga, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Neoga’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Neoga, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Neoga, Cumberland County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.83%
Estimate Property Tax Bill
$2,159
$2,003
Property Tax Rates Across Neoga, Cumberland County, Illinois
Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Neoga’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Neoga, located in Cumberland County, Illinois, is subject to property tax rates determined by the county's budgetary needs. The county's median tax rate stands at 1.83%, which is notably higher than the national median property tax rate of 1.02%. This difference underscores the variability in property tax rates across different regions. Homeowners in Neoga might find themselves paying more compared to the national average, reflecting the county's approach to funding local services. Understanding these rates can help property owners anticipate their annual tax obligations and consider potential savings through appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Neoga Tax Rate
1.83%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cumberland County Tax Rate
1.86%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Neoga, Cumberland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | 1.29% | 1.63% | 1.83% | 2.00% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Neoga, Cumberland County, Illinois
When examining property taxes in Neoga, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cumberland County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Cumberland County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Neoga. For example, the median home price in Neoga is $117,968, with tax bills ranging significantly across the county. Zip code 62447 has the highest median home price at $117,968.
Property Tax Assessment Values Across Neoga, Cumberland County, Illinois
Source: Ownwell
$87,810
$141,452
$195,093
Median Neoga Market Value
$117,968
Median Cumberland County Market Value
$107,319
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Neoga, Cumberland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | $20,608 | $45,276 | $117,968 | $181,689 | $246,833 |
Source: Ownwell
Property Tax Bills Across Neoga, Cumberland County, Illinois
In Neoga, located in Cumberland 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 tax bill. Factors such as the home’s location, size, and any applicable exemptions or deductions can influence the final amount. The median property tax bill in this area is $2,104, slightly below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,080 and the 90th percentile reaching up to $4,607. This variability can impact homeowners' budgets considerably.
Ownwell offers a solution by helping homeowners in Neoga navigate the complexities of property tax assessments. Our services include appealing over-assessed property values and identifying eligible exemptions, potentially reducing your tax burden. By leveraging our expertise, homeowners can ensure their tax bills are fair and accurate, leading to substantial savings and financial relief.
Median Neoga Tax Bill
$2,104
Median Cumberland County Tax Bill
$1,976
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Neoga, Cumberland County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62447 | $508 | $1,080 | $2,104 | $3,475 | $4,607 |
Source: Ownwell