Roscoe, Illinois Property Taxes
The median property tax rate in Roscoe, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Roscoe, the typical annual property tax bill reaches $6,889, exceeding the national median of $2,690. Property taxes in Roscoe 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 Roscoe'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 Roscoe 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
Roscoe, 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 Roscoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roscoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roscoe 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 Roscoe, Illinois
Property taxes in Roscoe, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Roscoe is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Roscoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roscoe 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 Roscoe's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in Boone County is also 2.71%, while the lowest median tax rate is 2.71%. Understanding how these cities compare with Roscoe provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roscoe Tax Rate
2.71%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roscoe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61073 | 2.50% | 2.62% | 2.71% | 2.85% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Roscoe, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Roscoe, Illinois. 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 Boone 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. In Roscoe, 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 Roscoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Roscoe is $263,072, with the 25th percentile tax bill at $5,268 and the 75th percentile at $8,903. The highest and lowest median tax bills are both $6,889 in zip code 61073.
Average Roscoe Assessed Value
$263,072
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roscoe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61073 | $157,502 | $201,846 | $263,072 | $320,520 | $379,091 |
Source: Ownwell
Property Tax Bills Across Roscoe, Illinois
In Roscoe, located in Boone 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 local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the home's location, size, age, and condition. For homeowners in Roscoe, the tax bill can vary significantly. For instance, at the 25th percentile, the tax bill is $5,268, while at the 75th percentile, it rises to $8,903. Homeowners in the 90th percentile can expect to pay around $10,661. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local tax rate and property values in the area. High property taxes can impact homeowners by increasing the overall cost of homeownership, influencing decisions on buying, selling, or renovating properties. Understanding these factors helps homeowners better anticipate their annual financial obligations.
Average Roscoe Tax Bill
$6,889
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Roscoe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61073 | $3,416 | $5,268 | $6,889 | $8,903 | $10,661 |
Source: Ownwell