Royalton, Illinois Property Taxes
The median property tax rate in Royalton, IL is 1.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Royalton, the typical annual property tax bill reaches $1,332, which is below the national median of $2,690. Property taxes in Royalton 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 Royalton'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 Royalton 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
Royalton, 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 Royalton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Royalton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Royalton 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 Franklin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Royalton, Illinois
Property taxes in Royalton, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Royalton is 1.91%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Royalton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royalton 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 Royalton's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62983 has the highest median property tax rate of 1.91%, while the same zip code also has the lowest median tax rate of 1.91%. Understanding how these cities compare with Royalton provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Royalton Tax Rate
1.91%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royalton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62983 | 0.72% | 1.61% | 1.91% | 2.25% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Royalton, Illinois
In Royalton, 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 Franklin 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 Royalton, 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 Royalton 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 $1,332, found in the 62983 zip code.
Average Royalton Assessed Value
$68,055
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Royalton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62983 | $12,908 | $35,486 | $68,055 | $123,292 | $198,338 |
Source: Ownwell
Property Tax Bills Across Royalton, Illinois
In Royalton, Franklin County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Homeowners in Royalton can expect their property tax rates to vary, but the median property tax rate in Franklin County is 0.99%, aligning with the national median. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For example, a home with a median market value of $68,055 would have an assessed value that the tax rate is applied to, resulting in a median tax bill of approximately $1,332 annually. However, tax bills can vary significantly, with the 25th percentile paying around $611 and the 75th percentile paying up to $2,725. At the 90th percentile, homeowners might see tax bills as high as $3,982. These variations can significantly impact homeowners, influencing their financial planning and the overall affordability of their property.
Average Royalton Tax Bill
$1,332
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Royalton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62983 | $193 | $611 | $1,332 | $2,725 | $3,982 |
Source: Ownwell