Cisco, Illinois Property Taxes
The median property tax rate in Cisco, IL, is 2.45%, significantly higher than the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cisco at $149,090, the typical annual property tax bill reaches $4,013, far 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
2.45%
Estimate Property Tax Bill
$3,653
$3,390
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cisco is 2.45%, significantly higher than both the Illinois state median 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 counties in Illinois and the national median. For comparison, the 61830 zip code has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these cities compare with Cisco provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cisco Tax Rate
2.45%
Average Piatt County Tax Rate
2.43%
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% | 2.25% | 2.45% | 2.60% | 2.72% |
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 Piatt 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 highest median tax bill in Cisco is $4,013 in the 61830 zip code, while the lowest median tax bill is also $4,013 in the same zip code.
Average Cisco Assessed Value
$149,090
Average Piatt County Assessed Value
$166,770
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 | $58,483 | $87,397 | $149,090 | $231,098 | $449,761 |
Source: Ownwell
Property Tax Bills Across Cisco, Illinois
In Cisco, located in Piatt County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Cisco experience a wide range of tax bills. For instance, the 25th percentile tax bill is around $1,807, while the 75th percentile tax bill reaches approximately $5,965. The top 10% of tax bills can soar to $11,530. These taxes fund essential public services such as schools, infrastructure, and emergency services, impacting homeowners by contributing to the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, the rates in Cisco reflect the local economic conditions and funding requirements.
Average Cisco Tax Bill
$4,013
Average Piatt County Tax Bill
$4,197
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 | $1,520 | $1,807 | $4,013 | $5,965 | $11,530 |
Source: Ownwell