Toledo, Illinois Property Taxes
The median property tax rate in Toledo, IL is 1.84%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Toledo at $115,485, the typical annual property tax bill reaches $2,004, which still exceeds the national median of $2,690. Property taxes in Toledo 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 Toledo'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 Toledo 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
Toledo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$2,125
$2,076
Ownwell’s Toledo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Toledo with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Toledo to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is the amount assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Toledo, Illinois
Property taxes in Toledo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toledo is 1.84%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Toledo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toledo 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 Toledo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62468 zip code has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Toledo provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toledo Tax Rate
1.84%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toledo, 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, Illinois
In Toledo, 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 Cumberland 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 Toledo, 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 Toledo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Toledo is $2004 in the 62468 zip code.
Average Toledo Assessed Value
$115,485
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toledo, 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, Illinois
In Toledo, Cumberland County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. With a median home price of $115,485, the tax bill can vary significantly across different households. For instance, the 25th percentile tax bill stands at $1,019, while the 75th percentile reaches up to $3,315. At the 90th percentile, homeowners might face a tax bill as high as $4,460. Several factors contribute to determining the tax bill, including the local tax rate and any applicable exemptions or deductions. The local tax rate is applied to the assessed value of the property, and this rate can fluctuate based on budgetary needs and voter-approved measures. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Toledo's rates reflect the unique economic and governmental landscape of Cumberland County, affecting how much residents pay in property taxes.
Average Toledo Tax Bill
$2,004
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Toledo, 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