Cedarville, Illinois Property Taxes
The median property tax rate in Cedarville, IL is 4.14%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cedarville at $61,990, the typical annual property tax bill reaches $2,366, which is below the national median of $2,690. Property taxes in Cedarville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cedarville'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 Cedarville 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
Cedarville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.14%
Estimate Property Tax Bill
$2,566
$2,508
Ownwell’s Cedarville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedarville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedarville 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 Cedarville, Illinois
Property taxes in Cedarville, Illinois, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedarville is 4.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cedarville set these rates annually, and they can vary across different neighborhoods. Each year, Cedarville 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 Cedarville's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61013 zip code has the highest median property tax rate of 4.14%, while the same zip code also has the lowest median tax rate of 4.14%. Understanding how these areas compare with Cedarville provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedarville Tax Rate
4.14%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedarville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61013 | 3.67% | 4.14% | 4.14% | 4.17% | 4.19% |
Source: Ownwell
Property Tax Assessment Values Across Cedarville, Illinois
In Cedarville, 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 local appraisal district 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 Cedarville, 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 Cedarville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cedarville are both $2,366, found in zip code 61013.
Average Cedarville Assessed Value
$61,990
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedarville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61013 | $35,848 | $52,130 | $61,990 | $71,647 | $75,232 |
Source: Ownwell
Property Tax Bills Across Cedarville, Illinois
In Cedarville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For instance, with a median home price of $61,990, the tax bill can vary significantly depending on several factors, including the specific assessment ratio and local tax rate. Homeowners in Cedarville typically see property tax bills ranging from $2,152 at the 25th percentile to $2,687 at the 75th percentile, with the 90th percentile reaching up to $2,992. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local tax environment and public service funding requirements. Factors influencing the tax bill include property characteristics, market conditions, and local budget needs. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and financial planning. Understanding these elements helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Cedarville Tax Bill
$2,366
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedarville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61013 | $1,490 | $2,152 | $2,366 | $2,687 | $2,992 |
Source: Ownwell