Roxana, Illinois Property Taxes
The median property tax rate in Roxana, IL is 1.68%, which is considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $78,154, the typical annual property tax bill in Roxana reaches $1,278, which is below the national median of $2,690. Property taxes in Roxana are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Roxana'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 Roxana or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Roxana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$1,313
$1,283
Ownwell’s Roxana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roxana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roxana 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 Roxana, Illinois
Property taxes in Roxana, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roxana is 1.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Roxana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roxana 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 Roxana's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62084 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Roxana provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roxana Tax Rate
1.68%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roxana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62084 | 0.99% | 1.46% | 1.68% | 2.08% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Roxana, Illinois
In Roxana, 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 Madison County Assessment Office 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 Roxana, 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. For instance, the median home price in Roxana is $78,154, with the 25th percentile tax bill at $944 and the 75th percentile tax bill at $1,663. The highest and lowest median tax bills are both $1,278, found in the 62084 zip code. 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 Roxana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Roxana Assessed Value
$78,154
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roxana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62084 | $51,441 | $64,136 | $78,154 | $95,788 | $121,396 |
Source: Ownwell
Property Tax Bills Across Roxana, Illinois
In Roxana, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. Typically, the assessed value is a percentage of the market value of the property. Madison County uses this assessed value as a basis for calculating the property tax owed. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In Roxana, the median home price is $78,154. Homeowners can expect to pay a tax bill ranging from $944 at the 25th percentile to $2,224 at the 90th percentile. The median property tax rate in the area is higher than the national median of 0.99%, reflecting the local government's funding needs for services such as schools, infrastructure, and emergency services. Consequently, homeowners in Roxana face varying tax burdens based on their property values and the specific tax rates applied.
Average Roxana Tax Bill
$1,278
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Roxana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62084 | $604 | $944 | $1,278 | $1,663 | $2,224 |
Source: Ownwell