Cordova, Illinois Property Taxes
The median property tax rate in Cordova, IL is 2.47%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cordova, the typical annual property tax bill reaches $3,695, exceeding the national median of $2,690. Property taxes in Cordova 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 Cordova'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 Cordova 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
Cordova, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$3,407
$3,330
Ownwell’s Cordova Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cordova with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cordova 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 Cordova, Illinois
Property taxes in Cordova, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cordova is 2.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cordova set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cordova 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 Cordova's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61242 zip code has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these cities compare with Cordova provides valuable insights into the varying tax landscape across Rock Island County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cordova Tax Rate
2.47%
Average Rock Island County Tax Rate
2.90%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cordova, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61242 | 1.76% | 2.03% | 2.47% | 2.81% | 3.31% |
Source: Ownwell
Property Tax Assessment Values Across Cordova, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cordova, Illinois. 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 Rock Island County Assessor 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 Cordova, 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 Cordova helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cordova is $137,931, and the property tax bills can vary significantly. For example, in the zip code 61242, the median tax bill is $3,695, which is also the highest and lowest median tax bill recorded in the area. The 25th percentile tax bill stands at $2,303, while the 75th percentile tax bill reaches $5,526, and the 90th percentile tax bill can be as high as $10,024.
Average Cordova Assessed Value
$137,931
Average Rock Island County Assessed Value
$104,406
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cordova, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61242 | $66,776 | $100,994 | $137,931 | $188,618 | $283,520 |
Source: Ownwell
Property Tax Bills Across Cordova, Illinois
In Cordova, Rock Island County, IL, property tax bills are calculated based on the assessed value of a property, 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. Various factors influence this calculation, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Cordova, the median home price is $137,931. The property tax bill varies significantly, with the 25th percentile at $2,303, the 75th percentile at $5,526, and the 90th percentile reaching $10,024. Compared to the national median property tax rate of 0.99%, homeowners in Cordova may find their tax bills higher due to local rates and property values. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual budgets. By staying informed about how property tax bills are determined, homeowners can better anticipate and manage their financial obligations.
Average Cordova Tax Bill
$3,695
Average Rock Island County Tax Bill
$2,928
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cordova, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61242 | $1,561 | $2,303 | $3,695 | $5,526 | $10,024 |
Source: Ownwell