Cutler, Illinois Property Taxes
The median property tax rate in Cutler, IL is 1.53%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Cutler at $49,365, the typical annual property tax bill reaches $780, which is well below the national median of $2,690. Property taxes in Cutler 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 Cutler'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 Cutler 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
Cutler, 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 Cutler Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cutler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cutler to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you make informed decisions. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cutler, Illinois
Property taxes in Cutler, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cutler is 1.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cutler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cutler 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 Cutler's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62238 zip code has both the highest and lowest median property tax rate of 1.53%. Understanding how these cities compare with Cutler provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cutler Tax Rate
1.53%
Average Perry County Tax Rate
1.89%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cutler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62238 | 0.62% | 1.06% | 1.53% | 1.87% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Cutler, Illinois
In Cutler, 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 Perry 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 Cutler, 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 Cutler is $49,365, with annual tax bills ranging from $324 at the 25th percentile to $2,385 at the 90th percentile. The zip code 62238 has the highest and lowest median tax bill of $780. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cutler Assessed Value
$49,365
Average Perry County Assessed Value
$82,294
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cutler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62238 | $19,304 | $32,944 | $49,365 | $82,004 | $111,794 |
Source: Ownwell
Property Tax Bills Across Cutler, Illinois
In Cutler, Perry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and any improvements made. The median home price in Cutler is $49,365, and the property tax rate in Perry County is relatively moderate compared to the national median of 0.99%. For instance, the tax bill at the 25th percentile is $324, while at the 75th percentile, it rises to $1,441, and at the 90th percentile, it reaches $2,385. These property tax bills significantly impact homeowners, as they are a recurring expense that must be budgeted for annually. Understanding these factors can help homeowners anticipate their tax responsibilities and plan accordingly.
Average Cutler Tax Bill
$780
Average Perry County Tax Bill
$1,554
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cutler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62238 | $189 | $324 | $780 | $1,441 | $2,385 |
Source: Ownwell