Rock Falls, Illinois Property Taxes
The median property tax rate in Rock Falls, IL is 2.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rock Falls at $81,042, the typical annual property tax bill reaches $2,267, which is below the national median of $2,690. Property taxes in Rock Falls 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 Rock Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rock Falls 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
Rock Falls, 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 Rock Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rock Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rock Falls 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 Rock Falls, Illinois
Property taxes in Rock Falls, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rock Falls is 2.76%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rock Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rock Falls 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 Rock Falls' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61071 zip code has both the highest and lowest median property tax rate of 2.76%. Understanding how these cities compare with Rock Falls provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rock Falls Tax Rate
2.76%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rock Falls, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61071 | 1.68% | 2.32% | 2.76% | 3.16% | 3.85% |
Source: Ownwell
Property Tax Assessment Values Across Rock Falls, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rock Falls, IL. 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 Whiteside 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 Rock Falls, 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. For instance, the median home price in Rock Falls is $81,042, with tax bills varying significantly. The 25th percentile tax bill is $1,490, while the 75th percentile tax bill reaches $3,237, and the 90th percentile tax bill is $4,598. Interestingly, the highest and lowest median tax bills in Rock Falls are both $2,267, found in the 61071 zip code. 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 Rock Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rock Falls Assessed Value
$81,042
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rock Falls, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61071 | $41,823 | $60,252 | $81,042 | $117,729 | $164,517 |
Source: Ownwell
Property Tax Bills Across Rock Falls, Illinois
In Rock Falls, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Rock Falls is $81,042, and the property tax rate in this area is relatively high compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local taxing authorities. For example, the 25th percentile tax bill is $1,490, while the 75th percentile tax bill is $3,237, indicating a significant range based on property values and exemptions. For homeowners, this means that property taxes can represent a substantial portion of annual expenses, affecting overall affordability and financial planning. The highest median tax bill in the area is $2,267, which is considerably higher than the national average, impacting residents' cost of living.
Average Rock Falls Tax Bill
$2,267
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rock Falls, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61071 | $837 | $1,490 | $2,267 | $3,237 | $4,598 |
Source: Ownwell