Cowden, Fayette County, Illinois Property Taxes

Name: Property Tax Bills Across Cowden, Fayette County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Cowden, IL effective property tax rate: 2.27%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Cowden, IL home value: $68,664
Median annual Cowden, IL tax bill: $1,295, $1,105 lower than the national median property tax bill of $2,400.

How are property taxes in Fayette calculated?

Property taxes in Cowden, 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 Cowden’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Cowden, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Cowden, Fayette County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.27%

Estimate Property Tax Bill

$1,559

$1,446

Ownwell’s Cowden Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cowden with just two data points. By entering your property's estimated assessed value, our calculator applies Cowden’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Fayette County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Cowden, Fayette County, Illinois

In Cowden, located in Fayette County, IL, the property tax landscape reflects the nuanced process of local governance. Local governments determine tax rates, which can differ significantly across Illinois. Each year, counties calculate their necessary budget to maintain community services and then divide this by the total assessed value of all taxable properties in the area. This formula establishes the property tax rate for the year. While legislative measures and public votes play roles in setting these rates, this annual procedure remains the core of the process. Cowden's effective property tax rate provides insight into how it compares with other Illinois cities and the broader national context. With Illinois having a median property tax rate of 2.27%, Cowden's rate aligns with the state's figures, standing significantly higher than the national median of 1.02%. This comparison highlights the variability in property tax rates across different regions, emphasizing the importance of understanding local tax dynamics for property owners.

Property Tax Rates Across Cowden, Fayette County, Illinois

Source: Ownwell

1.88%

2.22%

2.56%

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 Cowden Taxx Rate

2.27%

Median Effective Fayette County Taxx Rate

2.13%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Cowden, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62422	1.63%	1.86%	2.27%	2.27%	2.27%

Source: Ownwell

Property Tax Assessment Values Across Cowden, Fayette County, Illinois

When examining property taxes in Cowden, 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 Fayette 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 Fayette County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Cowden. For example, the median home price in Cowden is $68,664, with tax bills ranging significantly across the county. Zip code 62422 has the highest median home price at $68,664.

Property Tax Assessment Values Across Cowden, Fayette County, Illinois

Source: Ownwell

$37,206

$63,704

$90,201

Median Cowden Market Value

$68,664

Median Fayette County Market Value

$73,758

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Cowden, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62422	$14,183	$28,478	$68,664	$118,653	$154,443

Source: Ownwell

Property Tax Bills Across Cowden, Fayette County, Illinois

In Cowden, located in Fayette County, IL, property taxes are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the property tax bill. Factors such as property improvements and changes in local tax rates can influence the assessed value and, consequently, the tax bill. The median home price in Cowden is $68,664, and homeowners here face a median property tax bill significantly below the national median of $2,400. However, tax bills can vary widely, with the 25th percentile at $520 and the 90th percentile reaching $3,377. This variation underscores the importance of ensuring your property is assessed accurately. Ownwell assists homeowners in Cowden by reviewing their property assessments and identifying potential savings. By appealing incorrect assessments and securing exemptions, Ownwell helps homeowners reduce their property tax bills, ensuring they only pay what is fair and just.

Property Tax Bills Across Cowden, Fayette County, Illinois

Source: Ownwell

$847

$1,318

$1,789

Median Cowden Tax Bill

$1,295

Median Fayette County Tax Bill

$1,347

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Cowden, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62422	$275	$520	$1,295	$2,226	$3,377

Source: Ownwell