Rochester, Illinois Property Taxes
The median property tax rate in Rochester, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rochester at $206,022, the typical annual property tax bill reaches $4,382, exceeding the national median of $2,690. Property taxes in Rochester 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 Rochester'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 Rochester 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
Rochester, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$4,512
$4,409
Ownwell’s Rochester Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rochester 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 Rochester, Illinois
Property taxes in Rochester, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 2.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62563 zip code has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these areas compare with Rochester provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rochester Tax Rate
2.19%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62563 | 1.92% | 2.08% | 2.19% | 2.29% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Illinois
In Rochester, 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 Sangamon 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 Rochester, 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 Rochester 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 $4,382 in the 62563 zip code, which is also the lowest median tax bill.
Average Rochester Assessed Value
$206,022
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rochester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62563 | $130,763 | $161,772 | $206,022 | $283,251 | $373,203 |
Source: Ownwell
Property Tax Bills Across Rochester, Illinois
In Rochester, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For example, if the median home price in Rochester is $206,022, the assessed value would be a fraction of this amount, depending on local assessment ratios. The property tax rate is then applied to this assessed value to determine the tax bill. In Sangamon County, where Rochester is located, the median property tax bill is significantly higher than the national median property tax rate of 0.99%. Homeowners in Rochester can expect tax bills ranging from $3,377 at the 25th percentile to $6,258 at the 75th percentile, with the 90th percentile reaching up to $8,533. These property taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, homeowners in Rochester should be prepared for these expenses, which can significantly impact their annual budget.
Average Rochester Tax Bill
$4,382
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62563 | $2,634 | $3,377 | $4,382 | $6,258 | $8,533 |
Source: Ownwell