Havana, Illinois Property Taxes
The median property tax rate in Havana, IL is 3.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Havana at $54,526, the typical annual property tax bill reaches $1,791, which is below the national median of $2,690. Property taxes in Havana are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Havana'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 Havana or another part of Mason County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Havana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.29%
Estimate Property Tax Bill
$1,794
$1,665
Ownwell’s Havana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Havana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Havana 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 Havana, Illinois
Property taxes in Havana, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Havana is 3.29%, substantially higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Havana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Havana 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 Havana's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62644 zip code has the highest median property tax rate of 3.29%, while the same zip code also has the lowest median tax rate of 3.29%. Understanding how these cities compare with Havana provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Havana Tax Rate
3.29%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Havana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62644 | 2.17% | 2.74% | 3.29% | 3.74% | 4.00% |
Source: Ownwell
Property Tax Assessment Values Across Havana, Illinois
In Havana, 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 Mason County Assessor 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 Havana, 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. The median home price in Havana is $54,526, with annual property tax bills ranging significantly. For instance, the 25th percentile tax bill is $758, while the 75th percentile tax bill reaches $2,837. Interestingly, the highest median tax bill is found in the 62644 zip code, amounting to $1,791. 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 Havana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Havana Assessed Value
$54,526
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Havana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62644 | $9,196 | $23,766 | $54,526 | $101,831 | $157,368 |
Source: Ownwell
Property Tax Bills Across Havana, Illinois
In Havana, located in Mason County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Havana is $54,526, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Havana can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $758, while those in the 75th percentile might pay up to $2,837. At the higher end, the 90th percentile tax bill can reach $4,712. These variations affect homeowners differently, with higher-valued properties naturally incurring higher taxes. Comparatively, the property tax rate in Mason County can be contrasted with the national median property tax rate of 0.99%, highlighting how local assessments and market conditions can influence individual tax obligations.
Average Havana Tax Bill
$1,791
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Havana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62644 | $373 | $758 | $1,791 | $2,837 | $4,712 |
Source: Ownwell