Cortland, Illinois Property Taxes
The median property tax rate in Cortland, IL is 3.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cortland at $190,152, the typical annual property tax bill reaches $5,901, exceeding the national median of $2,690. Property taxes in Cortland 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 Cortland'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 Cortland or another part of DeKalb County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cortland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$5,762
$5,347
Ownwell’s Cortland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cortland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cortland 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 Cortland, Illinois
Property taxes in Cortland, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cortland is 3.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cortland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cortland 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 Cortland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60112 zip code has the highest median property tax rate of 3.03%, while the 60112 zip code also has the lowest median tax rate of 3.03%. Understanding how these cities compare with Cortland provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cortland Tax Rate
3.03%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cortland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60112 | 2.70% | 2.92% | 3.03% | 3.32% | 4.01% |
Source: Ownwell
Property Tax Assessment Values Across Cortland, Illinois
In Cortland, 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 DeKalb 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 Cortland, 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 Cortland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cortland are both $5,901, found in the 60112 zip code.
Average Cortland Assessed Value
$190,152
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cortland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60112 | $134,004 | $162,599 | $190,152 | $214,956 | $234,492 |
Source: Ownwell
Property Tax Bills Across Cortland, Illinois
Property tax bills in Cortland, IL, are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, and this percentage can vary. For homeowners in Cortland, the median home price is $190,152. The property tax rate in Cortland is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in Cortland can expect their property tax bills to fall within a range, with the 25th percentile at $4,672 and the 75th percentile at $7,255. At the 90th percentile, tax bills can go up to $8,494. These taxes are used to fund essential community services such as education, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Cortland's property tax bills reflect the community's specific needs and funding requirements, impacting homeowners by contributing to the overall quality of life and public amenities in the area.
Average Cortland Tax Bill
$5,901
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cortland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60112 | $3,853 | $4,672 | $5,901 | $7,255 | $8,494 |
Source: Ownwell