Cerro Gordo, Illinois Property Taxes
The median property tax rate in Cerro Gordo, IL is 2.77%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $197,136 in Cerro Gordo, the typical annual property tax bill reaches $5,799, surpassing the national median of $2,690. Property taxes in Cerro Gordo are calculated based on the assessed value, which often falls below the market value due to 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
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$5,461
$5,067
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 2.77%, 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 areas in Illinois and the national median. For comparison, the 61818 zip code has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these areas compare with Cerro Gordo provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cerro Gordo Tax Rate
2.77%
Average Piatt County Tax Rate
2.43%
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 | 2.26% | 2.59% | 2.77% | 2.83% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Cerro Gordo, Illinois
In Cerro Gordo, 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 local appraisal districts 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 zip code with the highest median tax bill is 61818, at $5799, which contrasts sharply with the national median property tax rate of 0.99%.
Average Cerro Gordo Assessed Value
$197,136
Average Piatt County Assessed Value
$166,770
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 | $18,008 | $76,554 | $197,136 | $321,167 | $565,989 |
Source: Ownwell
Property Tax Bills Across Cerro Gordo, Illinois
In Cerro Gordo, IL, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of its market value. Homeowners in Cerro Gordo see tax bills influenced by various local factors, including school district funding needs, municipal services, and infrastructure projects. The assessed value is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Cerro Gordo is $197,136, and the tax bills can vary significantly. At the 25th percentile, homeowners pay around $3,402, while at the 75th percentile, the tax bill can be as high as $8,459. Those in the 90th percentile face even steeper bills, reaching up to $15,191. Compared to the national median property tax rate of 0.99%, Cerro Gordo's rates can be considered relatively high, particularly for homes in higher value brackets. These property taxes fund essential community services but can also represent a substantial financial burden for homeowners.
Average Cerro Gordo Tax Bill
$5,799
Average Piatt County Tax Bill
$4,197
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 | $1,840 | $3,402 | $5,799 | $8,459 | $15,191 |
Source: Ownwell