Cherry Valley, Illinois Property Taxes
The median property tax rate in Cherry Valley, IL is 2.67%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cherry Valley at $175,044, the typical annual property tax bill reaches $4,507, significantly exceeding the national median of $2,690. Property taxes in Cherry Valley 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 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 the city, 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 assists homeowners, real estate investors, or potential owners in estimating 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 2.67%, 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 counties in Illinois and the national median. For comparison, the 61016 zip code has both the highest and lowest median property tax rate of 2.67%. Understanding how these cities compare with Cherry Valley provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherry Valley Tax Rate
2.67%
Average Winnebago County Tax Rate
2.78%
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 | 1.92% | 2.45% | 2.67% | 2.76% | 2.97% |
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 Winnebago 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 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. 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 Cherry Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $4507 in the 61016 zip code.
Average Cherry Valley Assessed Value
$175,044
Average Winnebago County Assessed Value
$119,208
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 | $101,001 | $130,270 | $175,044 | $217,310 | $254,222 |
Source: Ownwell
Property Tax Bills Across Cherry Valley, Illinois
In Cherry Valley, located in Winnebago County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the local assessor. Several factors influence the assessed value, including the home's size, age, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. In Cherry Valley, the median home price is $175,044. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile paying around $3,134 and the 75th percentile facing bills up to $5,818. At the 90th percentile, tax bills can reach as high as $6,972. These property taxes fund essential community services such as schools, public safety, and infrastructure maintenance, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Cherry Valley's rates reflect the unique economic and social priorities of the local community.
Average Cherry Valley Tax Bill
$4,507
Average Winnebago County Tax Bill
$3,116
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 | $2,043 | $3,134 | $4,507 | $5,818 | $6,972 |
Source: Ownwell