Rockton, Illinois Property Taxes
The median property tax rate in Rockton, IL is 2.70%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockton at $187,910, the typical annual property tax bill reaches $4,912, exceeding the national median of $2,690. Property taxes in Rockton 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 Rockton'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 Rockton 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
Rockton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$5,074
$4,958
Ownwell’s Rockton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockton 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 Rockton, Illinois
Property taxes in Rockton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockton is 2.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rockton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockton 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 Rockton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61072 ZIP code has both the highest and the lowest median property tax rate of 2.70%, identical to Rockton's rate. Understanding how these cities compare with Rockton provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockton Tax Rate
2.70%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61072 | 1.94% | 2.50% | 2.70% | 2.87% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Rockton, Illinois
In Rockton, 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 Winnebago 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 Rockton, 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 Rockton 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 $4,912 in the 61072 zip code, and the lowest is also $4,912 in the same zip code.
Average Rockton Assessed Value
$187,910
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61072 | $119,412 | $154,703 | $187,910 | $235,401 | $287,680 |
Source: Ownwell
Property Tax Bills Across Rockton, Illinois
In Rockton, located in Winnebago County, 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 a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $187,910, homeowners can expect a significant range in their tax bills. The 25th percentile tax bill is approximately $3,689, while the 75th percentile reaches about $6,488, and the 90th percentile peaks at $8,018. These figures indicate that property taxes in Rockton can vary widely, impacting homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Rockton's rates can be relatively high, reflecting the area's specific assessment practices and local tax policies. Homeowners need to be aware of these factors as they significantly influence the overall cost of owning property in this region.
Average Rockton Tax Bill
$4,912
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61072 | $2,376 | $3,689 | $4,912 | $6,488 | $8,018 |
Source: Ownwell