Cisco, Illinois Property Taxes
The median property tax rate in Cisco, IL is 2.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cisco, the typical annual property tax bill reaches $3,400, exceeding the national median of $2,690. Property taxes in Cisco 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 Cisco'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 Cisco 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
Cisco, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$3,222
$2,990
Ownwell’s Cisco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cisco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cisco 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 Cisco, Illinois
Property taxes in Cisco, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cisco is 2.20%, significantly higher than both the Illinois state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Cisco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cisco 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 Cisco's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 61830 has both the highest and lowest median property tax rate of 2.20%. Understanding how these areas compare with Cisco provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cisco Tax Rate
2.20%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cisco, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61830 | 1.89% | 2.03% | 2.20% | 2.37% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Cisco, Illinois
In Cisco, 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 Macon 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 Cisco, 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 Cisco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61830 has both the highest and lowest median tax bill at $3,400, reflecting the diverse property values within the area.
Average Cisco Assessed Value
$146,466
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cisco, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61830 | $73,504 | $88,232 | $146,466 | $228,633 | $329,962 |
Source: Ownwell
Property Tax Bills Across Cisco, Illinois
In Cisco, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Macon County uses this assessed value to determine the tax bill, factoring in the local tax rate and any applicable exemptions. For instance, the median home price in Cisco is $146,466. Homeowners in the 25th percentile can expect a tax bill around $2,237, while those in the 75th percentile might see a bill closer to $5,322. At the higher end, in the 90th percentile, tax bills can reach up to $7,587. These figures highlight the significant variation in property tax bills within the area, influenced by home values and assessment practices. Compared to the national median property tax rate of 0.99%, homeowners in Cisco experience varying financial impacts based on their property's assessed value. This system ensures that tax contributions are proportional to property values, but it also means that higher-valued homes face substantially higher tax bills, affecting overall affordability and financial planning for homeowners.
Average Cisco Tax Bill
$3,400
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cisco, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61830 | $1,359 | $2,237 | $3,400 | $5,322 | $7,587 |
Source: Ownwell