Ruma, Illinois Property Taxes
The median property tax rate in Ruma, IL is 1.82%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Ruma, the typical annual property tax bill reaches $553, which is significantly below the national median of $2,690. Property taxes in Ruma 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 Ruma'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 Ruma or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ruma, 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 Ruma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ruma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ruma 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 Ruma, Illinois
Property taxes in Ruma, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ruma is 1.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ruma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ruma 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 Ruma's effective property tax rate to other areas and the national median. For comparison, the zip code 62278 has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these areas compare with Ruma provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ruma Tax Rate
1.82%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ruma, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62278 | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Ruma, Illinois
In Ruma, 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 Randolph County 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 Ruma, 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 Ruma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62278, with a median tax bill of $553.
Average Ruma Assessed Value
$30,338
Average Randolph County Assessed Value
$47,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ruma, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62278 | $7,836 | $8,902 | $30,338 | $61,856 | $81,074 |
Source: Ownwell
Property Tax Bills Across Ruma, Illinois
In Ruma, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is a percentage of your home's market value, and it forms the basis for your property tax bill. The tax rate in Randolph County is applied to this assessed value to determine the amount you owe. Various factors such as property size, location, and improvements can influence the assessed value. For homeowners in Ruma, the impact of property taxes can vary significantly. The median home price is $30,338, with tax bills ranging from $162 at the 25th percentile to $1,479 at the 90th percentile. This wide range indicates that property taxes can be a significant expense for some homeowners, while others may find them more manageable. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Ruma to understand how their local rates and assessed values affect their annual tax obligations.
Average Ruma Tax Bill
$553
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ruma, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62278 | $143 | $162 | $553 | $1,128 | $1,479 |
Source: Ownwell