Rosamond, Illinois Property Taxes
The median property tax rate in Rosamond, IL is 2.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rosamond, the typical annual property tax bill reaches $3,571, exceeding the national median of $2,690. Property taxes in Rosamond 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 Rosamond'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 Rosamond 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
Rosamond, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$3,724
$3,639
Ownwell’s Rosamond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rosamond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rosamond 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rosamond, Illinois
Property taxes in Rosamond, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rosamond is 2.46%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Rosamond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rosamond 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 Rosamond's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62083 zip code has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these figures compare with Rosamond provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rosamond Tax Rate
2.46%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rosamond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62083 | 1.71% | 2.07% | 2.46% | 2.60% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Rosamond, Illinois
In Rosamond, 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 Montgomery 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. Assessment notices in Rosamond 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 Rosamond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,571 in zip code 62083, while the lowest is also $3,571 in the same zip code.
Average Rosamond Assessed Value
$151,371
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rosamond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62083 | $84,924 | $94,114 | $151,371 | $215,056 | $283,208 |
Source: Ownwell
Property Tax Bills Across Rosamond, Illinois
In Rosamond, Montgomery County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Rosamond typically see their tax bills influenced by local tax rates and the specific assessed value assigned to their property. The median home price in Rosamond is $151,371, and property tax bills can vary significantly. For instance, the 25th percentile tax bill stands at $2,137, while the 75th percentile reaches $5,362, and the 90th percentile can go up to $7,491. These variations reflect differences in property values and local tax levies. Compared to the national median property tax rate of 0.99%, Rosamond homeowners may experience higher or lower tax burdens depending on their property's assessed value and specific local tax rates. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Rosamond Tax Bill
$3,571
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rosamond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62083 | $1,652 | $2,137 | $3,571 | $5,362 | $7,491 |
Source: Ownwell