Rio, Illinois Property Taxes
The median property tax rate in Rio, IL is 2.23%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rio, the typical annual property tax bill reaches $2,362, which is below the national median of $2,690. Property taxes in Rio 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 Rio'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 Rio 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
Rio, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$2,523
$2,465
Ownwell’s RIO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RIO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIO 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 Rio, Illinois
Property taxes in Rio, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rio is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rio 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 Rio's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61472 zip code has the highest median property tax rate of 2.23%, while the lowest median tax rate is also 2.23%. Understanding how these cities compare with Rio provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rio Tax Rate
2.23%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61472 | 0.27% | 1.51% | 2.23% | 2.52% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Rio, Illinois
In Rio, 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 local 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 Rio, 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 Rio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rio are both $2,362, found in zip code 61472.
Average Rio Assessed Value
$113,130
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61472 | $41,082 | $69,885 | $113,130 | $216,885 | $1,206,126 |
Source: Ownwell
Property Tax Bills Across Rio, Illinois
In Rio, within Knox 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 authorities determine the assessed value, and then apply the local tax rate to this value to calculate the tax bill. For instance, with a median home price of $113,130, the tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,414, while those in the 75th percentile face bills of approximately $4,262. The tax burden can be even higher for those in the 90th percentile, reaching up to $6,492. These figures highlight the impact of property taxes on homeowners, with the median tax rate in Rio being considerably higher than the national median of 0.99%. This disparity underscores the importance of understanding local tax assessments and their implications on household finances.
Average Rio Tax Bill
$2,362
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61472 | $665 | $1,414 | $2,362 | $4,262 | $6,492 |
Source: Ownwell