Cherry Valley, Winnebago County, Illinois Property Taxes
Median Cherry Valley, IL effective property tax rate: 2.67%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Cherry Valley, IL home value: $175,044
Median annual Cherry Valley, IL tax bill: $4,507, $2,107 higher than the national median property tax bill of $2,400.
How are property taxes in Winnebago calculated?
Property taxes in Cherry Valley, 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 Cherry Valley’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Cherry Valley, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Cherry Valley, Winnebago County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.67%
Estimate Property Tax Bill
$4,674
$4,337
Property Tax Rates Across Cherry Valley, Winnebago County, Illinois
Local government entities are responsible for setting property tax rates, which can differ significantly within a state. Each year, counties estimate the budget needed to provide essential services and then divide this by the total value of all taxable properties in their area. This calculation determines the property tax rate. While voting and legislation play roles in establishing these rates and budgets, this is essentially the annual process.
Cherry Valley in Winnebago County, Illinois, has a property tax landscape that reflects this process. The effective property tax rate in Cherry Valley is quite notable when compared to other cities in Illinois and the national median. The median property tax rate in Illinois significantly exceeds the national median of 1.02%, resulting in higher property tax bills for homeowners. This can impact the affordability and desirability of living in certain areas, making it crucial for property owners to stay informed and consider appealing their property assessments if they seem inaccurately high. Understanding these dynamics can help property owners make informed decisions and potentially reduce their property tax burden.
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 Cherry Valley Tax Rate
2.67%
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 Winnebago County Tax Rate
2.78%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Cherry Valley, Winnebago County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61016 | 1.92% | 2.45% | 2.67% | 2.76% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Cherry Valley, Winnebago County, Illinois
When examining property taxes in Cherry Valley, 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 Winnebago County assessor 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.
In Winnebago 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 Cherry Valley.
For example, the median home price in Cherry Valley is $175,044, with tax bills ranging significantly across the county. 61016 has the highest median home price at $175,044.
Property Tax Assessment Values Across Cherry Valley, Winnebago County, Illinois
Source: Ownwell
$48,324
$139,401
$230,478
Median Cherry Valley Market Value
$175,044
Median Winnebago County Market Value
$119,208
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Cherry Valley, Winnebago County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61016 | $101,001 | $130,270 | $175,044 | $217,310 | $254,222 |
Source: Ownwell
Property Tax Bills Across Cherry Valley, Winnebago County, Illinois
In Cherry Valley, located in Winnebago County, IL, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local assessor and is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. In this region, the median property tax bill is significantly higher than the national median, with figures reaching $4,507 in certain areas. This can place a substantial financial burden on homeowners, especially when compared to the national median property tax bill of $2,400.
Ownwell offers a solution by providing expert property tax appeal services. By analyzing your property's assessed value and comparing it to similar properties, Ownwell can identify discrepancies and potential savings, potentially lowering your tax bill. Their expertise in navigating the appeals process ensures that homeowners in Cherry Valley can achieve fair and accurate property tax assessments, ultimately reducing their financial burden.
Property Tax Bills Across Cherry Valley, Winnebago County, Illinois
Source: Ownwell
$1,249
$4,034
$6,818
Median Cherry Valley Tax Bill
$4,507
Median Winnebago County Tax Bill
$3,116
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Cherry Valley, Winnebago County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61016 | $2,043 | $3,134 | $4,507 | $5,818 | $6,972 |
Source: Ownwell