Cornell, Livingston County, Illinois Property Taxes

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

Median Cornell, IL effective property tax rate: 3.08%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Cornell, IL home value: $121,311
Median annual Cornell, IL tax bill: $4,288, $1,888 higher than the national median property tax bill of $2,400.

How are property taxes in Livingston calculated?

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

Last Updated March 1, 2025

Cornell, Livingston County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.08%

Estimate Property Tax Bill

$3,736

$3,467

Ownwell’s Cornell Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cornell with just two data points. By entering your property's estimated assessed value, our calculator applies Cornell’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 Livingston County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Cornell, Livingston County, Illinois

Local government entities set tax rates, which can vary widely within a state. 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. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Cornell, located in Livingston County, Illinois, the effective property tax rate is significantly higher than the national median of 1.02%. The median tax rate in Cornell stands at 3.08%, which is also the highest and lowest rate within the zip code 61319. This rate is notably above the national average and reflects the local government's budgetary needs and property values. When compared to other cities in Illinois, Cornell's property tax rate is on the higher end, indicating a substantial financial commitment to local services and infrastructure. Understanding these figures can help property owners make informed decisions about appealing their property taxes and seeking exemptions to potentially lower their tax burden.

Property Tax Rates Across Cornell, Livingston County, Illinois

Source: Ownwell

2.69%

3.10%

3.51%

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 Cornell Tax Rate

3.08%

Median Effective Livingston County Tax Rate

3.02%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Cornell, Livingston County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61319	2.35%	2.87%	3.08%	3.51%	3.97%

Source: Ownwell

Property Tax Assessment Values Across Cornell, Livingston County, Illinois

When examining property taxes in Cornell, 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 Livingston County Assessor 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 Livingston 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 Cornell.

For example, the median home price in Cornell is $121,311, with tax bills ranging significantly across the county. Zip code 61319 has the highest median home price at $121,311.

Property Tax Assessment Values Across Cornell, Livingston County, Illinois

Source: Ownwell

$103,203

$160,239

$217,275

Median Cornell Market Value

$121,311

Median Livingston County Market Value

$144,219

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Cornell, Livingston County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61319	$23,288	$75,211	$121,311	$189,038	$254,289

Source: Ownwell

Property Tax Bills Across Cornell, Livingston County, Illinois

In Cornell, located in Livingston County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. Homeowners in this region face a median tax bill of $4,288, significantly higher than the national median of $2,400. The tax rate is applied to the assessed value, taking into account local government budgets and school district funding needs. This means that even if your home's market value remains stable, tax bills can fluctuate based on changes in local budget requirements and tax rates. Homeowners in Cornell, especially those with tax bills in the 75th percentile at $6,389 or in the 90th percentile at $8,119, may find themselves paying considerably more than the national average. Ownwell can assist homeowners by providing expert property tax appeal and exemption services, potentially lowering their tax burden. By analyzing your property’s assessment and comparing it with similar properties, Ownwell identifies discrepancies or overvaluations, helping you save on your property tax bills.

Property Tax Bills Across Cornell, Livingston County, Illinois

Source: Ownwell

$3,410

$5,342

$7,273

Median Cornell Tax Bill

$4,288

Median Livingston County Tax Bill

$4,592

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Cornell, Livingston County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61319	$1,525	$2,250	$4,288	$6,389	$8,119

Source: Ownwell