Rockwood, Illinois Property Taxes
The median property tax rate in Rockwood, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockwood at $84,122, the typical annual property tax bill reaches $1,674, which exceeds the national median of $2,690. Property taxes in Rockwood 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 Rockwood'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 Rockwood 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
Rockwood, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Rockwood Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rockwood with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Rockwood to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property's assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Rockwood, Illinois
Property taxes in Rockwood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 2.21%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Rockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockwood 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 Rockwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62280 zip code has the highest median property tax rate of 2.21%, while the 62280 zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Rockwood provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockwood Tax Rate
2.21%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62280 | 0.75% | 1.74% | 2.21% | 2.57% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Illinois
In Rockwood, 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 Jackson 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 Rockwood, 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 the area is $1,674 in the 62280 zip code. Being aware of these valuation processes in Rockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockwood Assessed Value
$84,122
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62280 | $21,823 | $46,956 | $84,122 | $145,162 | $189,800 |
Source: Ownwell
Property Tax Bills Across Rockwood, Illinois
In Rockwood, located in Jackson County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Rockwood is $84,122. Local tax authorities determine the assessed value, and then apply the relevant tax rate to this value. The national median property tax rate is 0.99%, but local rates can vary. Several factors influence the final tax bill, including the property's location, size, and condition. For homeowners in Rockwood, the 25th percentile tax bill is around $751, while the 75th percentile tax bill reaches $3,255. The highest median tax bill recorded in the area is $1,674, which shows a significant range in what homeowners might expect to pay. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Consequently, understanding how these taxes are calculated can help homeowners better manage their finances and anticipate annual expenses.
Average Rockwood Tax Bill
$1,674
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62280 | $208 | $751 | $1,674 | $3,255 | $4,691 |
Source: Ownwell