Rockford, Illinois Property Taxes
The median property tax rate in Rockford, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockford, the typical annual property tax bill reaches $8,149, exceeding the national median of $2,690. Property taxes in Rockford 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 Rockford'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 Rockford 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
Rockford, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Rockford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockford 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 Rockford, Illinois
Property taxes in Rockford, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockford is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rockford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockford 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 Rockford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61108 zip code has the highest median property tax rate of 3.05%, while the 61107 zip code has the lowest median tax rate of 2.63%. Understanding how these cities compare with Rockford provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockford Tax Rate
2.65%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61107 | 2.44% | 2.52% | 2.63% | 2.67% | 2.70% |
| 61108 | 3.05% | 3.05% | 3.05% | 3.05% | 3.05% |
| 61114 | 2.49% | 2.54% | 2.65% | 2.69% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Rockford, Illinois
In Rockford, 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 Boone County 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. 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 Rockford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Rockford, the highest median tax bill is $8,242 in the 61114 zip code, while the lowest median tax bill is $2,190 in the 61108 zip code.
Average Rockford Assessed Value
$312,510
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61107 | $237,048 | $267,375 | $306,507 | $341,955 | $396,598 |
| 61108 | $71,868 | $71,868 | $71,868 | $71,868 | $71,868 |
| 61114 | $245,438 | $276,229 | $319,959 | $376,703 | $519,438 |
Source: Ownwell
Property Tax Bills Across Rockford, Illinois
In Rockford, located in Boone County, IL, property tax bills are determined by assessing the market value of a home and applying the local property tax rate to that value. The assessed value is typically a percentage of the market value, which is then multiplied by the tax rate set by local taxing authorities. This rate can vary, but it’s crucial in calculating the final tax bill. Homeowners in Rockford experience a range of property tax bills. For instance, the 25th percentile tax bill is around $7,094, while the 75th percentile tax bill reaches approximately $9,474. At the higher end, the 90th percentile tax bill can be as much as $11,867. The highest median tax bill in the area is $8,242 in the 61114 zip code, contrasting with the lowest median tax bill of $2,190 in the 61108 zip code. These tax bills can significantly impact homeowners, influencing decisions on property purchases, budgeting, and long-term financial planning. Comparing these figures to the national median property tax rate of 0.99%, Rockford's property taxes are notably higher, underscoring the importance of understanding local tax obligations.
Average Rockford Tax Bill
$8,149
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61107 | $5,930 | $6,773 | $7,983 | $9,023 | $10,537 |
| 61108 | $2,190 | $2,190 | $2,190 | $2,190 | $2,190 |
| 61114 | $6,184 | $7,188 | $8,242 | $9,906 | $13,945 |
Source: Ownwell