Cerro Gordo, Illinois Property Taxes
The median property tax rate in Cerro Gordo, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cerro Gordo at $154,329, the typical annual property tax bill reaches $3,461, exceeding the national median of $2,690. Property taxes in Cerro Gordo 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 Cerro Gordo'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 Cerro Gordo 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
Cerro Gordo, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Cerro Gordo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cerro Gordo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cerro Gordo 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 Cerro Gordo, Illinois
Property taxes in Cerro Gordo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cerro Gordo is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cerro Gordo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cerro Gordo 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 Cerro Gordo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61818 zip code has both the highest and lowest median property tax rate of 2.32%. Understanding how these cities compare with Cerro Gordo provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cerro Gordo Tax Rate
2.32%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cerro Gordo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61818 | 1.78% | 2.10% | 2.32% | 2.46% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Cerro Gordo, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cerro Gordo, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Macon County Assessment Office 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 Cerro Gordo, 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 Cerro Gordo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cerro Gordo are both $3,461, found in the 61818 zip code.
Average Cerro Gordo Assessed Value
$154,329
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cerro Gordo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61818 | $42,514 | $123,300 | $154,329 | $204,320 | $283,192 |
Source: Ownwell
Property Tax Bills Across Cerro Gordo, Illinois
In Cerro Gordo, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners, this assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property location, home size, and any applicable exemptions are considered in this calculation. For instance, in Cerro Gordo, the median home price is $154,329. Property tax bills in this area can vary significantly, with the 25th percentile bill at $2,356 and the 75th percentile bill at $5,095. At the higher end, the 90th percentile tax bill reaches up to $6,367. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Cerro Gordo experience a range of tax burdens, which can affect their overall cost of living and financial planning.
Average Cerro Gordo Tax Bill
$3,461
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cerro Gordo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61818 | $1,134 | $2,356 | $3,461 | $5,095 | $6,367 |
Source: Ownwell