Rantoul, Illinois Property Taxes
The median property tax rate in Rantoul, IL is 2.75%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rantoul, the typical annual property tax bill reaches $2,188, slightly below the national median of $2,690. Property taxes in Rantoul 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 Rantoul'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 Rantoul 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
Rantoul, 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 Rantoul Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rantoul with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rantoul 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 Rantoul, Illinois
Property taxes in Rantoul, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rantoul is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rantoul set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rantoul 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 Rantoul's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61866 zip code has the highest median property tax rate of 2.75%, while the 61866 zip code also has the lowest median tax rate of 2.75%. Understanding how these cities compare with Rantoul provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rantoul Tax Rate
2.75%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rantoul, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61866 | 1.77% | 2.29% | 2.75% | 3.18% | 3.52% |
Source: Ownwell
Property Tax Assessment Values Across Rantoul, Illinois
In Rantoul, 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 Champaign County Assessor 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 Rantoul, 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 Rantoul helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both recorded at $2,188 in the 61866 zip code.
Average Rantoul Assessed Value
$82,935
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rantoul, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61866 | $39,780 | $55,222 | $82,935 | $119,670 | $158,430 |
Source: Ownwell
Property Tax Bills Across Rantoul, Illinois
Property tax bills in Rantoul, located in Champaign County, IL, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value is typically a percentage of the property's market value. In Rantoul, the median home price is $82,935, and property taxes are calculated based on this assessment. Tax bills can vary significantly, with the 25th percentile at $1,396 and the 75th percentile reaching $3,359. The 90th percentile tax bill can go up to $4,470, indicating a wide range of property tax burdens depending on property values and applicable exemptions. Homeowners in Rantoul should be aware that their property tax bills are influenced by factors such as the property's assessed value, local tax rates, and any available exemptions. Compared to the national median property tax rate of 0.99%, Rantoul's tax bills reflect the local economic conditions and property values, directly impacting the financial responsibilities of homeowners in the area.
Average Rantoul Tax Bill
$2,188
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rantoul, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61866 | $853 | $1,396 | $2,188 | $3,359 | $4,470 |
Source: Ownwell