Flat Rock, Illinois Property Taxes
The median property tax rate in Flat Rock, Illinois is 2.20%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Flat Rock at $82,512, the typical annual property tax bill reaches $1,929, which is below the national median of $2,690. Property taxes in Flat Rock are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Flat Rock's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Flat Rock or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flat Rock, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$1,815
$1,685
Ownwell’s Flat Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flat Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flat Rock 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 Flat Rock, Illinois
Property taxes in Flat Rock, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flat Rock is 2.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Flat Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Rock 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 Flat Rock's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62427 zip code has both the highest and lowest median property tax rate of 2.20%. Understanding how these cities compare with Flat Rock provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Rock Tax Rate
2.20%
Average Crawford County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62427 | 1.08% | 1.76% | 2.20% | 2.64% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Flat Rock, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Flat Rock, Illinois. The market value represents 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 Crawford 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 Flat Rock, 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. The median home price in Flat Rock is $82,512, with tax bills ranging from $957 at the 25th percentile to $4,649 at the 90th percentile. The highest and lowest median tax bill, both at $1,929, are found in zip code 62427. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flat Rock Assessed Value
$82,512
Average Crawford County Assessed Value
$84,633
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62427 | $24,138 | $54,090 | $82,512 | $130,716 | $178,719 |
Source: Ownwell
Property Tax Bills Across Flat Rock, Illinois
Property tax bills in Flat Rock, Crawford County, Illinois, are determined by assessing the market value of a property and applying the local tax rate to this assessed value. This process involves a few critical steps. First, the county assessor evaluates the market value of the home, which for Flat Rock has a median price of $82,512. The assessed value is a percentage of this market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors that influence the final tax bill include the property's assessed value, any applicable exemptions, and the specific tax rate set by local taxing authorities. For instance, homeowners in Flat Rock may expect a tax bill ranging from $957 at the 25th percentile to $4,649 at the 90th percentile. These property taxes significantly impact homeowners by influencing their monthly mortgage payments and overall housing costs. Compared to the national median property tax rate of 0.99%, Flat Rock's tax rates reflect the unique financial landscape of Crawford County.
Average Flat Rock Tax Bill
$1,929
Average Crawford County Tax Bill
$1,940
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62427 | $562 | $957 | $1,929 | $3,111 | $4,649 |
Source: Ownwell