Reddick, Illinois Property Taxes
The median property tax rate in Reddick, IL is 2.93%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Reddick, the typical annual property tax bill reaches $4,280, far exceeding the national median of $2,690. Property taxes in Reddick 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 Reddick'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 Reddick 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
Reddick, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$4,261
$3,954
Ownwell’s Reddick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reddick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reddick 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 Reddick, Illinois
Property taxes in Reddick, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reddick is 2.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Reddick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reddick 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 Reddick's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60961 zip code has the highest median property tax rate of 2.93%, while the same zip code also has the lowest median tax rate of 2.93%. Understanding how these cities compare with Reddick provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reddick Tax Rate
2.93%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reddick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60961 | 2.66% | 2.88% | 2.93% | 2.95% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Reddick, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reddick, Illinois. The market value is the price a willing buyer would pay a willing seller in an open and competitive market. This value is influenced by factors like location, property condition, and economic trends and is estimated by the Grundy County Assessor 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. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Reddick, 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. For instance, the median home price in Reddick is $145,410, with tax bills ranging from $3,001 at the 25th percentile to $6,959 at the 90th percentile. The zip code 60961 has the highest and lowest median tax bill at $4,280. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Reddick Assessed Value
$145,410
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reddick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60961 | $89,195 | $103,086 | $145,410 | $202,598 | $239,098 |
Source: Ownwell
Property Tax Bills Across Reddick, Illinois
In Reddick, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the home's market value. The tax rate, or millage rate, is then applied to this assessed value to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. For homeowners in Reddick, the median home price is $145,410. Property tax bills can vary significantly within the city. For instance, the 25th percentile tax bill is $3,001, while the 75th percentile tax bill is $5,326. At the higher end, the 90th percentile tax bill reaches $6,959. Comparing this to the national median property tax rate of 0.99%, Reddick's property taxes can be relatively high. These tax bills can have a substantial impact on homeowners' annual budgets, influencing decisions on homeownership and long-term financial planning.
Average Reddick Tax Bill
$4,280
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Reddick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60961 | $2,641 | $3,001 | $4,280 | $5,326 | $6,959 |
Source: Ownwell