Cooksville, Illinois Property Taxes
The median property tax rate in Cooksville, IL is 2.57%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $102,276 in Cooksville, the typical annual property tax bill reaches $2,500, which is just below the national median of $2,690. Property taxes in Cooksville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cooksville'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 Cooksville 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
Cooksville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$2,628
$2,439
Ownwell’s Cooksville Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with an easy way to estimate their annual property taxes in Cooksville using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cooksville to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is the figure assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Cooksville, Illinois
Property taxes in Cooksville, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cooksville is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cooksville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cooksville 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 Cooksville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61730 zip code has the highest median property tax rate of 2.57%, while the 61730 zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Cooksville provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cooksville Tax Rate
2.57%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cooksville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61730 | 1.72% | 2.34% | 2.57% | 2.87% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Cooksville, Illinois
In Cooksville, 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 McLean County Assessor's 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 Cooksville, 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. Notably, the median home price in Cooksville is $102,276, with tax bills ranging from $1,691 at the 25th percentile to $6,177 at the 90th percentile. Being aware of these valuation processes in Cooksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cooksville Assessed Value
$102,276
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cooksville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61730 | $41,255 | $69,310 | $102,276 | $155,086 | $229,033 |
Source: Ownwell
Property Tax Bills Across Cooksville, Illinois
In Cooksville, located in McLean County, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which in Cooksville can vary widely. For instance, the median home price stands at $102,276. The tax rate is applied to this assessed value to determine the tax bill. Factors influencing your tax bill include property characteristics, local levies, and public service funding needs. For example, if your home falls within the 25th percentile, your tax bill might be around $1,691, whereas homes in the 75th percentile could see bills as high as $3,991. The highest median tax bill in the area is $2,500, found in zip code 61730. High property taxes can significantly impact homeowners, affecting affordability and potentially influencing decisions to buy or sell property. Compared to the national median property tax rate of 0.99%, Cooksville's rates reflect the local economic and public service demands.
Average Cooksville Tax Bill
$2,500
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cooksville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61730 | $986 | $1,691 | $2,500 | $3,991 | $6,177 |
Source: Ownwell