Cleveland, Illinois Property Taxes
The median property tax rate in Cleveland, Illinois is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cleveland at $120,534, the typical annual property tax bill reaches $2,279, which is just below the national median of $2,690. Property taxes in Cleveland 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 Cleveland'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 Cleveland 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
Cleveland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$2,399
$2,344
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Illinois
Property taxes in Cleveland, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 1.99%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61241 zip code has the highest median property tax rate of 1.99%, while the same zip code also has the lowest median tax rate of 1.99%. Understanding how these cities compare with Cleveland provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
1.99%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61241 | 1.32% | 1.80% | 1.99% | 2.15% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Illinois
In Cleveland, 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 Henry 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61241, with a median bill of $2,279.
Average Cleveland Assessed Value
$120,534
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61241 | $61,429 | $75,852 | $120,534 | $180,192 | $201,209 |
Source: Ownwell
Property Tax Bills Across Cleveland, Illinois
In Cleveland, Illinois, property tax bills are determined through a process that considers the assessed value of a home and the local tax rate. The assessed value typically represents a percentage of the market value of the property. Homeowners in Cleveland experience a range of tax bills based on their property values and specific tax rates applied by Henry County. For instance, the 25th percentile tax bill is $1,454, while the 75th percentile tax bill reaches $3,474, and the 90th percentile tax bill is $4,229. These figures highlight the variability in tax obligations among homeowners, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Cleveland's tax rates can lead to significant annual expenses for homeowners. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their financial planning effectively. The highest median tax bill in the area is $2,279, found in the 61241 zip code, reflecting localized variations within the county.
Average Cleveland Tax Bill
$2,279
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61241 | $899 | $1,454 | $2,279 | $3,474 | $4,229 |
Source: Ownwell