Riverton, Illinois Property Taxes
The median property tax rate in Riverton, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Riverton at $140,756, the typical annual property tax bill reaches $2,790, slightly exceeding the national median of $2,690. Property taxes in Riverton 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 Riverton'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 Riverton 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
Riverton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.02%
Estimate Property Tax Bill
$2,843
$2,778
Ownwell’s Riverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverton 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 Riverton, Illinois
Property taxes in Riverton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverton is 2.02%, significantly higher than the U.S. national median of 0.99%. Local government entities within Riverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverton 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 Riverton's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62561 zip code has the highest median property tax rate of 2.02%, while the same zip code also has the lowest median tax rate of 2.02%. Understanding how these areas compare with Riverton provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverton Tax Rate
2.02%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | 1.65% | 1.88% | 2.02% | 2.10% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Riverton, Illinois
In Riverton, 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 Sangamon 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 Riverton, 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 Riverton 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 $2,790 in the 62561 zip code, while the lowest is also $2,790 in the same zip code.
Average Riverton Assessed Value
$140,756
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | $81,321 | $108,353 | $140,756 | $187,221 | $232,356 |
Source: Ownwell
Property Tax Bills Across Riverton, Illinois
In Riverton, Sangamon County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. The tax rate, applied to this assessed value, is determined by various local taxing authorities and can include schools, municipalities, and other local services. Homeowners in Riverton can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $2,046, while the 75th percentile tax bill reaches up to $3,825. At the 90th percentile, homeowners may see tax bills as high as $4,763. These figures highlight the variability in tax burdens depending on property values and specific assessments. Understanding how these factors interplay is crucial for homeowners, as higher property values and tax rates directly impact annual tax obligations. Compared to the national median property tax rate of 0.99%, Riverton's tax rates reflect local economic conditions and funding needs for public services.
Average Riverton Tax Bill
$2,790
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | $1,409 | $2,046 | $2,790 | $3,825 | $4,763 |
Source: Ownwell