Cerro Gordo, Piatt County, Illinois Property Taxes

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

Median CERRO GORDO, IL effective property tax rate: 2.77%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median CERRO GORDO, IL home value: $197,136. Median annual CERRO GORDO, IL tax bill: $5,799, $3,399 higher than the national median property tax bill of $2,400.

How are property taxes in Piatt calculated?

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

Last Updated March 1, 2025

Cerro Gordo, Piatt County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.77%

Estimate Property Tax Bill

$5,461

$5,067

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

Property Tax Rates Across Cerro Gordo, Piatt County, Illinois

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, 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. Below, you can compare Cerro Gordo’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

In Cerro Gordo, located in county 17147, Illinois, the property tax rate is a significant aspect of homeownership. The assessed rate here is 2.77%, which is notably higher than the national median property tax rate of 1.02%. This higher rate reflects the local government's budgetary needs and the total value of taxable properties in the area. Homeowners in Cerro Gordo are paying more than double the national median property tax bill of $2,400. Understanding these differences is crucial for property owners who wish to manage their expenses effectively.

Property Tax Rates Across Cerro Gordo, Piatt County, Illinois

Source: Ownwell

2.22%

2.71%

3.20%

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 Cerro Gordo Tax Rate

2.77%

Median Effective Piatt County Tax Rate

2.43%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Cerro Gordo, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61818	2.26%	2.59%	2.77%	2.83%	2.87%

Source: Ownwell

Property Tax Assessment Values Across Cerro Gordo, Piatt County, Illinois

When examining property taxes in Cerro Gordo, 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 Piatt County appraisal district 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. Assessment notices: In Piatt 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 Cerro Gordo. For example, the median home price in Cerro Gordo is $197,136, with tax bills ranging significantly across the county. 61818 has the highest median home price at $197,136.

Property Tax Assessment Values Across Cerro Gordo, Piatt County, Illinois

Source: Ownwell

$123,234

$214,217

$305,199

Median Cerro Gordo Market Value

$197,136

Median Piatt County Market Value

$166,770

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Cerro Gordo, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61818	$18,008	$76,554	$197,136	$321,167	$565,989

Source: Ownwell

Property Tax Bills Across Cerro Gordo, Piatt County, Illinois

In Cerro Gordo, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Cerro Gordo can face significant variations in their tax bills, with the 25th percentile at $3,402 and the 75th percentile reaching $8,459. This range highlights the impact of property value assessments and local tax rates on the financial responsibilities of homeowners. Compared to the national median property tax bill of $2,400, Cerro Gordo's figures indicate a higher burden on its residents. Ownwell offers valuable assistance by helping homeowners appeal their property tax assessments and identify potential exemptions. By leveraging expert knowledge and a deep understanding of local tax regulations, Ownwell can effectively reduce property tax bills, providing substantial savings and financial relief for homeowners in Cerro Gordo.

Property Tax Bills Across Cerro Gordo, Piatt County, Illinois

Source: Ownwell

$3,412

$6,110

$8,807

Median Cerro Gordo Tax Bill

$5,799

Median Piatt County Tax Bill

$4,197

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Cerro Gordo, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61818	$1,840	$3,402	$5,799	$8,459	$15,191

Source: Ownwell