Russell, Illinois Property Taxes
The median property tax rate in Russell, IL is 3.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Russell, the typical annual property tax bill reaches $4,509, exceeding the national median of $2,690. Property taxes in Russell 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 Russell'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 Russell 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
Russell, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.05%
Estimate Property Tax Bill
$4,826
$4,715
Ownwell’s Russell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell 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 Russell, Illinois
Property taxes in Russell, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 3.05%, significantly higher than the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other areas within Lake County and the national median. For comparison, the zip code 60075 has both the highest and lowest median property tax rate of 3.05%. Understanding how these areas compare with Russell provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russell Tax Rate
3.05%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60075 | 2.50% | 2.65% | 3.05% | 3.18% | 3.46% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Russell, Illinois. The market value represents 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 Lake 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 Russell, 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 Russell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Russell is $158,218, with median tax bills ranging significantly, from $1,722 at the 25th percentile to $6,417 at the 90th percentile. The highest and lowest median tax bills are both in the 60075 zip code, amounting to $4,509.
Average Russell Assessed Value
$158,218
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60075 | $57,951 | $68,415 | $158,218 | $176,719 | $206,852 |
Source: Ownwell
Property Tax Bills Across Russell, Illinois
In Russell, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Russell experience property tax rates that can significantly impact their annual expenses. The median home price in Russell is $158,218, and property tax bills can vary widely. For instance, the 25th percentile tax bill is $1,722, while the 75th percentile reaches $5,791. At the 90th percentile, homeowners can expect a tax bill of $6,417. These figures highlight the range in property tax burdens among residents. The highest and lowest median tax bills in the area are both recorded at $4,509 in the 60075 zip code. Compared to the national median property tax rate of 0.99%, Russell's property tax bills can be substantial, affecting homeowners' overall financial planning and housing affordability. Factors such as local government budgets, school funding, and public services contribute to the determination of these tax rates.
Average Russell Tax Bill
$4,509
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60075 | $1,598 | $1,722 | $4,509 | $5,791 | $6,417 |
Source: Ownwell