Richview, Illinois Property Taxes
The median property tax rate in Richview, Illinois is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Richview, the typical annual property tax bill reaches $622, which is significantly lower than the national median of $2,690. Property taxes in Richview 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 Richview'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 Richview 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
Richview, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$807
$789
Ownwell’s RICHVIEW Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in RICHVIEW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHVIEW to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is the figure assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Richview, Illinois
Property taxes in Richview, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Richview stands at 2.11%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richview 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 Richview's effective property tax rate to other areas and the national median. For comparison, the zip code 62877 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Richview provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richview Tax Rate
2.11%
Average Washington County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62877 | 0.83% | 1.55% | 2.11% | 3.06% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Richview, Illinois
In Richview, 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 Washington County Assessment Office 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 Richview, 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 Richview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Richview is $622 in the 62877 zip code, while the lowest is also $622 in the same zip code.
Average Richview Assessed Value
$38,266
Average Washington County Assessed Value
$38,358
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62877 | $6,239 | $15,872 | $38,266 | $58,762 | $74,897 |
Source: Ownwell
Property Tax Bills Across Richview, Illinois
In Richview, Washington County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax rates are then applied to this assessed value to determine the final tax bill. Various factors influence the tax bill, including the median home price, which stands at $38,266. Homeowners in the 25th percentile can expect a tax bill around $242, while those in the 75th percentile face bills closer to $1,226. At the 90th percentile, tax bills can reach up to $1,419. The highest median tax bill in the area is $622, found in the 62877 zip code. These taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners need to be aware of these factors as they directly affect their annual financial obligations and the overall affordability of their property. Understanding how these elements interplay can help residents better manage their expenses and plan for the future.
Average Richview Tax Bill
$622
Average Washington County Tax Bill
$660
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Richview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62877 | $68 | $242 | $622 | $1,226 | $1,419 |
Source: Ownwell