Cullom, Illinois Property Taxes
The median property tax rate in Cullom, IL is 2.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cullom at $196,335, the typical annual property tax bill reaches $5,522, exceeding the national median of $2,690. Property taxes in Cullom 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 Cullom'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 Cullom 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
Cullom, 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 Cullom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cullom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cullom 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 Cullom, Illinois
Property taxes in Cullom, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cullom is 2.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cullom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cullom 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 Cullom's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60929 has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Cullom provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cullom Tax Rate
2.98%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cullom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60929 | 2.44% | 2.54% | 2.98% | 3.10% | 3.19% |
Source: Ownwell
Property Tax Assessment Values Across Cullom, Illinois
In Cullom, 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 Ford 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. Assessment notices in Cullom 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 Cullom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,522, found in the 60929 zip code.
Average Cullom Assessed Value
$196,335
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cullom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60929 | $51,135 | $123,818 | $196,335 | $248,258 | $305,535 |
Source: Ownwell
Property Tax Bills Across Cullom, Illinois
In Cullom, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the market value. The tax rate, set by local taxing authorities, is then applied to this assessed value to determine the annual property tax bill. For homeowners in Cullom, Ford County, the median home price stands at $196,335. Various factors influence the total tax bill, including the property's location, its assessed value, and the specific tax rate applied. For instance, the 25th percentile tax bill in Cullom is $3,404, while the 75th percentile tax bill is $7,684, and the 90th percentile tax bill reaches $8,901. These figures highlight how property taxes can vary significantly within the same area. Homeowners in Cullom should be aware that their tax bills can be higher or lower depending on these variables, impacting their overall financial planning and homeownership costs.
Average Cullom Tax Bill
$5,522
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cullom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60929 | $1,038 | $3,404 | $5,522 | $7,684 | $8,901 |
Source: Ownwell