Cherry Valley, Illinois Property Taxes
The median property tax rate in Cherry Valley, IL is 2.77%, significantly higher than both the national median of 0.99% and Illinois’ state median of 2.35%. With the median home value in Cherry Valley at $252,462, the typical annual property tax bill reaches $6,955, far exceeding the national median of $2,690. Property taxes in Cherry Valley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cherry Valley'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 Cherry Valley or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cherry Valley, 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 Cherry Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherry Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherry Valley 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 Cherry Valley, Illinois
Property taxes in Cherry Valley, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherry Valley is 2.77%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cherry Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherry Valley 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 Cherry Valley's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61016 zip code has both the highest and lowest median property tax rate of 2.77%. Understanding how these cities compare with Cherry Valley provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherry Valley Tax Rate
2.77%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherry Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61016 | 2.26% | 2.58% | 2.77% | 2.97% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Cherry Valley, Illinois
In Cherry Valley, 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 Boone 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 Cherry Valley, 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. For instance, the median home price in the area is $252,462, with tax bills ranging from $4,749 at the 25th percentile to $10,860 at the 90th percentile. The zip code with the highest median tax bill is 61016, valued at $6,955, which is also the lowest median tax bill in the area. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cherry Valley Assessed Value
$252,462
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherry Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61016 | $151,954 | $189,768 | $252,462 | $315,646 | $374,914 |
Source: Ownwell
Property Tax Bills Across Cherry Valley, Illinois
In Cherry Valley, located in Boone County, IL, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is established by the county assessor. Various factors influence this assessed value, such as the property's location, size, and condition. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Cherry Valley, the property tax rate can significantly impact their finances. For example, with a median home price of $252,462, the property tax bill can vary widely. At the 25th percentile, homeowners might pay around $4,749 annually, while those at the 75th percentile could see bills as high as $9,189. At the 90th percentile, the tax bill could reach up to $10,860. These figures highlight how property taxes can vary and underscore the importance of understanding how these taxes are calculated and their potential financial impact.
Average Cherry Valley Tax Bill
$6,955
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherry Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61016 | $3,151 | $4,749 | $6,955 | $9,189 | $10,860 |
Source: Ownwell