61319 Property Tax Rate

Property owners in ZIP code 61319 (Cornell, Illinois) pay a median of $2,909/year in property taxes on homes valued at $171,700. This translates to an effective tax rate of 1.69%, which is 10% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 61319 is approximately $242, which factors into escrow payments on mortgages. This ZIP code is located within Livingston County. This is $592 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 61319 has lower property taxes. ZIP codes with similar effective rates include 62305 (1.69%) and 62557 (1.69%).

In Cornell, property taxes represent approximately 4.0% of the median household income of $73,000, providing context for the relative tax burden on homeowners in this area.

Illinois restricts annual assessed value growth to 7%, though Livingston County properties reset to market value upon sale. Apply for Livingston County's General Homestead Exemption of $10,000 (reduction in assessed value) with the Livingston County Assessor by the filing deadline on your assessment notice. File your exemption claim with the Livingston County Assessor within 30 days of closing to secure the tax savings.