Reddick, Illinois Property Taxes
The median property tax rate in Reddick, IL is 2.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Reddick at $172,798, the typical annual property tax bill reaches $5,143, significantly 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
2.9%
Estimate Property Tax Bill
$5,011
$4,897
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 2.90%, 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 zip code 60961 has the highest median property tax rate of 2.90%, while the lowest median tax rate is also 2.90% in the same zip code. Understanding how these cities compare with Reddick provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reddick Tax Rate
2.90%
Average Kankakee County Tax Rate
3.07%
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 | 2.44% | 2.57% | 2.90% | 3.14% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Reddick, Illinois
In Reddick, 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 Kankakee 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. 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 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. 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 Reddick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Reddick is $5,143 in the 60961 zip code, while the lowest median tax bill is also $5,143 in the same zip code.
Average Reddick Assessed Value
$172,798
Average Kankakee County Assessed Value
$137,616
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 | $43,275 | $83,876 | $172,798 | $237,212 | $329,810 |
Source: Ownwell
Property Tax Bills Across Reddick, Illinois
Property tax bills in Reddick, located in Kankakee County, IL, are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $172,798, homeowners can expect their property tax bill to vary significantly depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include property size, location, and any improvements made to the home. In Reddick, the 25th percentile tax bill is around $3,195, while the 75th percentile reaches approximately $7,085. The 90th percentile tax bill can go as high as $9,095. These figures illustrate the range of property tax burdens homeowners might face. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand their local tax rate and how it impacts their annual expenses. High property taxes can affect affordability and the overall cost of owning a home in Reddick.
Average Reddick Tax Bill
$5,143
Average Kankakee County Tax Bill
$4,151
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 | $1,864 | $3,195 | $5,143 | $7,085 | $9,095 |
Source: Ownwell