Royal, Illinois Property Taxes
The median property tax rate in Royal, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Royal, the typical annual property tax bill reaches $3,084, exceeding the national median of $2,690. Property taxes in Royal 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 Royal'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 Royal 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
Royal, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$3,137
$2,912
Ownwell’s Royal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Royal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Royal 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 Royal, Illinois
Property taxes in Royal, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Royal is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Royal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royal 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 Royal's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61871 has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Royal provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Royal Tax Rate
2.13%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royal, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61871 | 1.78% | 1.96% | 2.13% | 2.22% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Royal, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Royal, Illinois. 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 Champaign 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 Royal, 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. Notably, the highest median tax bill in Royal is $3084 in the 61871 zip code, while the lowest median tax bill is also $3084 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Royal Assessed Value
$147,300
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Royal, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61871 | $77,127 | $118,545 | $147,300 | $189,562 | $237,294 |
Source: Ownwell
Property Tax Bills Across Royal, Illinois
In Royal, Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Royal, the median home price is $147,300. Property tax bills can vary significantly, with the 25th percentile at $2,294 and the 75th percentile reaching $4,188. At the higher end, the 90th percentile tax bill is $5,241. These taxes fund essential community services such as public schools, emergency services, and infrastructure maintenance. For homeowners, understanding these factors is crucial as they directly impact the amount owed annually. Compared to the national median property tax rate of 0.99%, Royal's property tax rates can lead to substantial annual expenses, making it important for homeowners to stay informed and consider appealing their assessed values if they believe them to be inaccurate.
Average Royal Tax Bill
$3,084
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Royal, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61871 | $1,705 | $2,294 | $3,084 | $4,188 | $5,241 |
Source: Ownwell