Richview, Illinois Property Taxes
The median property tax rate in Richview, IL is 2.41%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Richview, the typical annual property tax bill reaches $703, exceeding the national median of $2,690. Property taxes in Richview 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 Richview'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 Richview or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richview, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$703
$687
Ownwell’s RICHVIEW Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHVIEW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHVIEW 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 Richview, Illinois
Property taxes in Richview, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richview is 2.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richview 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 Richview's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62877 zip code has the same median property tax rate of 2.41%. Understanding how these areas compare with Richview provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richview Tax Rate
2.41%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62877 | 2.35% | 2.37% | 2.41% | 2.60% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Richview, Illinois
In Richview, 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 Jefferson 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. In Richview, 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 Richview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62877 at $703, which is also the lowest median tax bill in the area.
Average Richview Assessed Value
$29,163
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62877 | $22,712 | $25,131 | $29,163 | $30,528 | $31,347 |
Source: Ownwell
Property Tax Bills Across Richview, Illinois
In Richview, located in Jefferson County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as the home's location, size, and condition can influence its market value, and consequently, the assessed value. The median property tax rate in Richview is comparable to the national median of 0.99%. Homeowners in Richview can expect their tax bills to vary within a range, with the 25th percentile at $597 and the 75th percentile at $796. For those in the 90th percentile, tax bills can reach up to $852. This variation highlights the influence of different property values and assessments. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Richview Tax Bill
$703
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Richview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62877 | $534 | $597 | $703 | $796 | $852 |
Source: Ownwell