Cherry Valley, Boone County, Illinois Property Taxes
Median Cherry Valley, IL effective property tax rate: 2.77%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Cherry Valley, IL home value: $252,462
Median annual Cherry Valley, IL tax bill: $6,955, $4,555 higher than the national median property tax bill of $2,400.
How are property taxes in Boone calculated?
Property taxes in Cherry Valley, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Cherry Valley’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Cherry Valley, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Cherry Valley, Boone County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.77%
Estimate Property Tax Bill
$6,993
$6,489
Property Tax Rates Across Cherry Valley, Boone County, Illinois
Local government entities set tax rates, which can vary widely within a state. The reason for this variation is that annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.
In Cherry Valley, located in Boone County, Illinois, the effective property tax rate stands out when compared to other cities in Illinois and the U.S. Illinois has a median property tax rate of 2.77%, which is significantly higher than the national median of 1.02%. This places Illinois among the states with the highest property tax rates in the country. Cherry Valley shares this median rate, reflecting the broader tax landscape of Boone County.
Understanding these rates is crucial for property owners, as it directly impacts their annual tax bills and overall cost of living. By staying informed about local tax rates, homeowners can better manage their finances and explore potential avenues for tax appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cherry Valley Tax Rate
2.77%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Boone County Tax Rate
2.69%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Cherry Valley, Boone County, 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, Boone County, Illinois
When examining property taxes in Cherry Valley, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Boone County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Boone County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Cherry Valley.
For example, the median home price in Cherry Valley is $252,462, with tax bills ranging significantly across the county. Zip code 61016 has the highest median home price at $252,462.
Property Tax Assessment Values Across Cherry Valley, Boone County, Illinois
Source: Ownwell
$148,732
$234,346
$319,959
Median Cherry Valley Market Value
$252,462
Median Boone County Market Value
$166,186
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Cherry Valley, Boone County, 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, Boone County, Illinois
In Cherry Valley, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property. Factors such as location, property size, and improvements can influence this assessed value. Homeowners in Cherry Valley face a median property tax bill of $6,955, which significantly exceeds the national median of $2,400. This can be a substantial financial burden, especially when compared to the national median property tax rate of 1.02%.
Ownwell assists homeowners by providing expert property tax appeal and exemption services. By evaluating the assessed value of a home and identifying potential discrepancies, Ownwell helps homeowners challenge their property tax assessments effectively. This process can lead to significant savings on property tax bills, reducing the financial strain on homeowners. With Ownwell's guidance, Cherry Valley residents can navigate the complexities of property tax appeals and potentially lower their tax obligations.
Median Cherry Valley Tax Bill
$6,955
Median Boone County Tax Bill
$4,339
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Cherry Valley, Boone County, 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