Richmond, Illinois Property Taxes
The median property tax rate in Richmond, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Richmond, the typical annual property tax bill reaches $5,791, exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, 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 Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Illinois
Property taxes in Richmond, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60071 zip code has the highest median property tax rate of 2.66%, while the same 60071 zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with Richmond provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
2.66%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60071 | 2.31% | 2.50% | 2.66% | 2.84% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Richmond, Illinois. 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 McHenry 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 Richmond, 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. For example, the highest median tax bill in Richmond is $5,791 in the 60071 zip code, while the lowest median tax bill is also $5,791 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richmond Assessed Value
$227,919
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60071 | $78,345 | $147,906 | $227,919 | $299,686 | $359,403 |
Source: Ownwell
Property Tax Bills Across Richmond, Illinois
In Richmond, McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax authorities determine the assessed value, and this value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Richmond stands at $227,919, and homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. For instance, the 25th percentile of tax bills is around $3,569, while the 75th percentile reaches $7,963. At the 90th percentile, tax bills can go up to $9,640. These figures highlight the range of property tax burdens that homeowners might face. The highest and lowest median tax bills in Richmond are both $5,791, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Richmond's property taxes can be substantially higher, impacting homeowners' annual expenses and potentially influencing their decisions on homeownership and property investments.
Average Richmond Tax Bill
$5,791
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60071 | $2,408 | $3,569 | $5,791 | $7,963 | $9,640 |
Source: Ownwell