Toledo, Cumberland County, Illinois Property Taxes

Name: Property Tax Bills Across Toledo, Cumberland County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Toledo, IL effective property tax rate: 1.84%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Toledo, IL home value: $115,485
Median annual Toledo, IL tax bill: $2,004, $396 lower than the national median property tax bill of $2,400.

How are property taxes in Cumberland calculated?

Property taxes in Toledo, 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 Toledo’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Toledo, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Toledo, Cumberland County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.84%

Estimate Property Tax Bill

$2,125

$1,972

Ownwell’s Toledo Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Toledo with just two data points. By entering your property's estimated assessed value, our calculator applies Toledo’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Cumberland County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Toledo, Cumberland County, Illinois

Local government entities set tax rates, which can vary widely within Illinois. 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. In Toledo, located in Cumberland County, the effective property tax rate is 1.84%, which is significantly higher than the national median of 1.02%. This rate is consistent across the county, as evidenced by the uniform tax rate in the zip code 62468. The property tax rate in Toledo is also reflective of the median tax rate for the entire state of Illinois. For homeowners, this means a higher property tax bill compared to the national median. Understanding these rates can help homeowners make informed decisions about property investments and potential tax appeals.

Property Tax Rates Across Toledo, Cumberland County, Illinois

Source: Ownwell

1.72%

1.90%

2.08%

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 Toledo Tax Rate

1.84%

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 Toledo, Cumberland County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62468	1.33%	1.59%	1.84%	2.11%	2.37%

Source: Ownwell

Property Tax Assessment Values Across Toledo, Cumberland County, Illinois

When examining property taxes in Toledo, 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 May. 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 Toledo.

For example, the median home price in Toledo is $115,485, with tax bills ranging significantly across the county. Zip code 62468 has the highest median home price at $115,485.

Property Tax Assessment Values Across Toledo, Cumberland County, Illinois

Source: Ownwell

$87,810

$141,452

$195,093

Median Toledo Market Value

$115,485

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 Toledo, Cumberland County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62468	$18,650	$65,199	$115,485	$179,715	$238,103

Source: Ownwell

Property Tax Bills Across Toledo, Cumberland County, Illinois

In Toledo, Illinois, located in Cumberland County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Toledo face a median tax bill of $2,004, which aligns closely with the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,019 and the 90th percentile reaching $4,460. These variations depend on factors such as location, home value, and specific local tax rates. High property taxes can be a burden for homeowners, impacting their financial planning and overall living expenses. Ownwell can assist homeowners by identifying potential savings through appealing assessments or finding applicable exemptions. By leveraging expert knowledge and local insights, Ownwell helps homeowners reduce their tax liabilities, ensuring they pay only their fair share and potentially saving hundreds or thousands of dollars annually.

Property Tax Bills Across Toledo, Cumberland County, Illinois

Source: Ownwell

$1,446

$2,482

$3,517

Median Toledo Tax Bill

$2,004

Median Cumberland County Tax Bill

$1,976

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Toledo, Cumberland County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62468	$490	$1,019	$2,004	$3,315	$4,460

Source: Ownwell