Reynolds, Illinois Property Taxes
The median property tax rate in Reynolds, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Reynolds at $213,783, the typical annual property tax bill reaches $4,763, exceeding the national median of $2,690. Property taxes in Reynolds 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 Reynolds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Reynolds 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
Reynolds, 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 Reynolds Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Reynolds using just two key data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate specific to Reynolds to provide an estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you plan your finances more effectively. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value, determined by the county, is crucial for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Reynolds, Illinois
Property taxes in Reynolds, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Reynolds is 2.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Reynolds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reynolds 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 Reynolds' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61279 zip code has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Reynolds provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reynolds Tax Rate
2.51%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reynolds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61279 | 2.00% | 2.25% | 2.51% | 2.64% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Reynolds, Illinois
In Reynolds, 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 Mercer 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. 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 Reynolds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61279 has the highest and lowest median tax bill in the area, both at $4,763.
Average Reynolds Assessed Value
$213,783
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reynolds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61279 | $78,376 | $129,964 | $213,783 | $294,422 | $396,565 |
Source: Ownwell
Property Tax Bills Across Reynolds, Illinois
In Reynolds, located in Mercer County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Reynolds is $213,783. Local tax rates are then applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect to pay around $2,884 annually, while those in the 75th percentile might see bills as high as $7,403. The top 10% of homeowners could face tax bills reaching up to $9,822. The highest and lowest median tax bills in Reynolds both stand at $4,763, which is significantly higher than the national median property tax rate of 0.99%. This substantial variation in tax bills can affect homeowners differently, impacting affordability and influencing decisions on property investments. Understanding these factors is crucial for homeowners in Reynolds to manage their financial planning effectively.
Average Reynolds Tax Bill
$4,763
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Reynolds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61279 | $1,674 | $2,884 | $4,763 | $7,403 | $9,822 |
Source: Ownwell