Rockbridge, Illinois Property Taxes
The median property tax rate in Rockbridge, 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 Rockbridge, the typical annual property tax bill reaches $1,078, which is below the national median of $2,690. Property taxes in Rockbridge 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 Rockbridge'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 Rockbridge 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
Rockbridge, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$1,058
$982
Ownwell’s Rockbridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockbridge 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 Rockbridge, Illinois
Property taxes in Rockbridge, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockbridge is 1.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rockbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockbridge 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 Rockbridge's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in the area is also 1.93% in the 62081 zip code, while the lowest median tax rate is the same at 1.93% in the 62081 zip code. Understanding how these cities compare with Rockbridge provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockbridge Tax Rate
1.93%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockbridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62081 | 1.21% | 1.52% | 1.93% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Rockbridge, Illinois
In Rockbridge, 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 Greene 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 Rockbridge, 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 Rockbridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Rockbridge, the zip code with the highest median tax bill is 62081, where the median tax bill is $1078. Conversely, the zip code with the lowest median tax bill is also 62081, with the same median tax bill amount of $1078.
Average Rockbridge Assessed Value
$54,808
Average Greene County Assessed Value
$57,802
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockbridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62081 | $12,079 | $28,880 | $54,808 | $84,799 | $125,546 |
Source: Ownwell
Property Tax Bills Across Rockbridge, Illinois
Property tax bills in Rockbridge, located in Greene County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $54,808, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Tax bills in Rockbridge can range significantly, with the 25th percentile at $506, the 75th percentile at $1,611, and the 90th percentile reaching up to $2,474. Several factors influence these amounts, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Rockbridge's rates may seem variable but reflect the local economic conditions and public service funding needs. Homeowners need to be aware of these factors as they directly impact annual property tax obligations, affecting overall homeownership costs and financial planning.
Average Rockbridge Tax Bill
$1,078
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockbridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62081 | $186 | $506 | $1,078 | $1,611 | $2,474 |
Source: Ownwell