Ridott, Illinois Property Taxes
The median property tax rate in Ridott, IL is 3.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ridott at $70,251, the typical annual property tax bill reaches $2,768, slightly above the national median of $2,690. Property taxes in Ridott 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 Ridott'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 Ridott or another part of Stephenson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ridott, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.51%
Estimate Property Tax Bill
$2,466
$2,409
Ownwell’s Ridott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridott 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 Ridott, Illinois
Property taxes in Ridott, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridott is 3.51%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ridott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridott 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 Ridott's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61067 zip code has both the highest and lowest median property tax rate of 3.51%. Understanding how these areas compare with Ridott provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridott Tax Rate
3.51%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridott, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61067 | 1.99% | 3.03% | 3.51% | 3.91% | 3.96% |
Source: Ownwell
Property Tax Assessment Values Across Ridott, Illinois
In Ridott, 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 Stephenson 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 Ridott, 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 Ridott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Ridott is $70,251, with the 25th percentile tax bill at $1,233 and the 75th percentile tax bill at $4,689. The highest and lowest median tax bills are both $2,768, found in the 61067 zip code.
Average Ridott Assessed Value
$70,251
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridott, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61067 | $13,928 | $31,790 | $70,251 | $211,509 | $363,493 |
Source: Ownwell
Property Tax Bills Across Ridott, Illinois
In Ridott, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $70,251, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the tax bill, including property size, improvements, and any applicable exemptions. In Ridott, the 25th percentile tax bill is around $1,233, while at the 75th percentile, it rises to about $4,689. At the 90th percentile, homeowners might face tax bills as high as $6,279. These figures highlight the significant range in tax obligations. Compared to the national median property tax rate of 0.99%, Ridott's property tax rates reflect local funding requirements for public services and infrastructure. Understanding these variables helps homeowners anticipate their annual tax responsibilities, ensuring they are better prepared for their financial obligations.
Average Ridott Tax Bill
$2,768
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridott, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61067 | $832 | $1,233 | $2,768 | $4,689 | $6,279 |
Source: Ownwell