Rio, Knox County, Illinois Property Taxes

Name: Property Tax Bills Across Rio, Knox County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median RIO, IL effective property tax rate: 2.23%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median RIO, IL home value: $113,130
Median annual RIO, IL tax bill: $2,362, $38 lower than the national median property tax bill of $2,400.

How are property taxes in Knox calculated?

Property taxes in RIO, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding RIO’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in RIO, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Rio, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.23%

Estimate Property Tax Bill

$2,523

$2,341

Ownwell’s RIO Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in RIO with just two data points. By entering your property's estimated assessed value, our calculator applies RIO’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Rio, Knox County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Rio’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. In Knox County, where Rio is located, the median property tax rate stands at 2.23%, which is significantly higher than the national median of 1.02%. This higher tax rate indicates a greater financial requirement for public services or potentially higher property values within the county. Understanding these variations can help property owners in Rio make informed decisions about property investments and manage their tax liabilities effectively. By appealing property taxes or exploring available exemptions, property owners can potentially reduce their tax burden and contribute to a more balanced financial plan.

Property Tax Rates Across Rio, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Rio Taxx Rate

2.23%

Median Effective Knox County Taxx Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Rio, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61472	0.27%	1.51%	2.23%	2.52%	2.94%

Source: Ownwell

Property Tax Assessment Values Across Rio, Knox County, Illinois

When examining property taxes in RIO, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Knox County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Knox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in RIO. For example, the median home price in RIO is $113,130, with tax bills ranging significantly across the county. 61472 has the highest median home price at $113,130.

Property Tax Assessment Values Across Rio, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Rio Market Value

$113,130

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Rio, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61472	$41,082	$69,885	$113,130	$216,885	$1,206,126

Source: Ownwell

Property Tax Bills Across Rio, Knox County, Illinois

In Rio, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, and the tax rate is set by local taxing authorities. Homeowners in Knox County face a median property tax bill of approximately $2,362, which is below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,414 and the 90th percentile reaching up to $6,492. This variation is due to differences in property values and the specific rates applied by local governments. High property taxes can strain homeowners, making it essential to ensure assessments are fair. Ownwell can assist homeowners by reviewing their property assessments for inaccuracies and filing appeals if necessary. By leveraging expertise in local tax regulations, Ownwell helps ensure homeowners pay only their fair share, potentially saving hundreds or even thousands of dollars on their annual property tax bills.

Property Tax Bills Across Rio, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Rio Tax Bill

$2,362

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Rio, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61472	$665	$1,414	$2,362	$4,262	$6,492

Source: Ownwell