Cottage Hills, Illinois Property Taxes
The median property tax rate in Cottage Hills, IL is 1.84%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cottage Hills at $60,961, the typical annual property tax bill reaches $1,071, which is below the national median of $2,690. Property taxes in Cottage Hills 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 Cottage Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cottage Hills 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
Cottage Hills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$1,122
$1,096
Ownwell’s Cottage Hills Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cottage Hills with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cottage Hills to project your property tax bill. This valuable tool helps you grasp potential tax obligations. For those eager to explore trends on a neighborhood level, more localized information is available below. Your property’s assessed value is determined by Madison County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Cottage Hills, Illinois
Property taxes in Cottage Hills, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottage Hills is 1.84%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cottage Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottage Hills 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 Cottage Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 62018 zip code has the highest median property tax rate of 1.84%, while the 62018 zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Cottage Hills provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottage Hills Tax Rate
1.84%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottage Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62018 | 0.97% | 1.44% | 1.84% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Cottage Hills, Illinois
In Cottage Hills, 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 Madison 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 Cottage Hills, 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 Cottage Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $60,961, with median tax bills ranging from $663 at the 25th percentile to $2,121 at the 90th percentile. The zip code 62018 has both the highest and lowest median tax bill at $1,071.
Average Cottage Hills Assessed Value
$60,961
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottage Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62018 | $29,280 | $42,988 | $60,961 | $86,036 | $107,132 |
Source: Ownwell
Property Tax Bills Across Cottage Hills, Illinois
In Cottage Hills, Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $60,961, the tax rate is applied to this assessed value to determine the final tax bill. Factors such as location, property size, and any applicable exemptions or deductions also play a significant role in calculating the tax bill. Homeowners in Cottage Hills can expect a wide range in their tax bills. The 25th percentile tax bill is approximately $663, while the 75th percentile tax bill reaches around $1,537. At the 90th percentile, homeowners might see tax bills as high as $2,121. These variations highlight the impact of different property values and individual circumstances on tax liabilities. With the national median property tax rate at 0.99%, Cottage Hills’ property tax rates can significantly influence a homeowner's annual expenses, making it crucial for residents to understand how their specific tax bill is determined.
Average Cottage Hills Tax Bill
$1,071
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottage Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62018 | $314 | $663 | $1,071 | $1,537 | $2,121 |
Source: Ownwell