Ridgway, Illinois Property Taxes
The median property tax rate in Ridgway, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ridgway at $54,588, the typical annual property tax bill reaches $659, exceeding the national median of $2,690. Property taxes in Ridgway 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 Ridgway'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 Ridgway 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
Ridgway, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$1,054
$978
Ownwell’s Ridgway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgway 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 Gallatin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ridgway, Illinois
Property taxes in Ridgway, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgway is 1.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ridgway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgway 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 Ridgway's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62979 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Ridgway provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgway Tax Rate
1.93%
Average Gallatin County Tax Rate
1.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62979 | 0.20% | 0.60% | 1.93% | 2.62% | 3.19% |
Source: Ownwell
Property Tax Assessment Values Across Ridgway, Illinois
In Ridgway, 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 Gallatin 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 Ridgway, 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. For instance, the highest median tax bill in Ridgway is $659 in the 62979 zip code, while the lowest is also $659 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 Ridgway Assessed Value
$54,588
Average Gallatin County Assessed Value
$44,390
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62979 | $11,637 | $28,671 | $54,588 | $85,929 | $131,325 |
Source: Ownwell
Property Tax Bills Across Ridgway, Illinois
In Ridgway, Gallatin 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 median home price in Ridgway stands at $54,588. Property taxes are influenced by the local tax rate and the assessed value. For instance, the tax bill at the 25th percentile is $199, while at the 75th percentile, it rises to $1,761, and at the 90th percentile, it reaches $2,823. The highest and lowest median tax bills in the area are both recorded at $659 in the 62979 zip code. These figures illustrate the range of property tax liabilities homeowners may face. Compared to the national median property tax rate of 0.99%, homeowners in Ridgway may experience different financial impacts depending on their property's assessed value and the applicable local tax rates. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Ridgway Tax Bill
$659
Average Gallatin County Tax Bill
$496
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62979 | $57 | $199 | $659 | $1,761 | $2,823 |
Source: Ownwell