Riverside, Illinois Property Taxes
The median property tax rate in Riverside, IL is 3.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Riverside at $270,390, the typical annual property tax bill reaches $7,307, significantly exceeding the national median of $2,690. Property taxes in Riverside 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 Riverside'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 Riverside 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
Riverside, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.05%
Estimate Property Tax Bill
$8,247
$8,058
$1,148
Average Riverside, Illinois Tax Savings
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Riverside. 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 Riverside, Illinois
Property taxes in Riverside, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 3.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60546 zip code has both the highest and lowest median property tax rate at 3.05%. Understanding how these cities compare with Riverside provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverside Tax Rate
3.05%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60546 | 1.95% | 2.42% | 3.05% | 3.35% | 3.66% |
Source: Ownwell
$1,148
Average Riverside Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Riverside, Illinois
In Riverside, 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 Cook County Assessor's Office 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 Riverside, 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 Riverside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Riverside are both $7,307, found in the 60546 zip code.
Average Riverside Assessed Value
$270,390
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60546 | $159,658 | $207,000 | $270,390 | $366,500 | $458,114 |
Source: Ownwell
$1,148
Average Riverside Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Riverside, Illinois
In Riverside, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Cook County, where Riverside is located, uses a complex formula that considers factors such as local tax rates and levies imposed by various taxing authorities. Homeowners in Riverside face a median property tax rate higher than the national median of 0.99%. For instance, the median home price in Riverside is $270,390, leading to substantial property tax bills that range widely. The 25th percentile tax bill is $4,942, while the 75th percentile reaches $11,992, and the 90th percentile soars to $15,418. These high tax bills can significantly impact homeowners, making it essential to explore ways to reduce them. Ownwell specializes in property tax appeals and exemption services, helping homeowners navigate the complexities of property tax assessments. By leveraging local expertise and data-driven insights, Ownwell can identify discrepancies in assessed values and assist homeowners in appealing their tax bills, potentially saving them thousands of dollars annually.
Average Riverside Tax Bill
$7,307
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60546 | $2,937 | $4,942 | $7,307 | $11,992 | $15,418 |
Source: Ownwell
$1,148
Average Riverside Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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