62920 Property Tax Rate

Property owners in ZIP code 62920 (Cobden, Illinois) pay a median of $1,775/year in property taxes on homes valued at $154,200. This translates to an effective tax rate of 1.15%, which is 39% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62920 is approximately $148, which factors into escrow payments on mortgages. This ZIP code is located within Union County. This is $1,726 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62920 has higher property taxes. ZIP codes with similar effective rates include 60621 (1.15%) and 62477 (1.15%).

In Cobden, property taxes represent approximately 2.9% of the median household income of $61,875, providing context for the relative tax burden on homeowners in this area.

Illinois caps assessed value growth at 7% per year, but reassessment to market value occurs at sale under state law. Union County offers a $10,000 General Homestead Exemption for owner-occupants — submit your exemption application to the Union County Assessor within 30 days of closing. Contact the Union County Assessor to confirm receipt and effective date of your exemption filing.