Flat Rock, Illinois Property Taxes
The median property tax rate in Flat Rock, Illinois is 4.06%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Flat Rock, the typical annual property tax bill reaches $882, which is significantly lower than the national median of $2,690. Property taxes in Flat Rock 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 Flat Rock'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 Flat Rock 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
Flat Rock, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.06%
Estimate Property Tax Bill
$936
$869
Ownwell’s Flat Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flat Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flat Rock 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 Flat Rock, Illinois
Property taxes in Flat Rock, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flat Rock is 4.06%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Flat Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Rock 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 Flat Rock's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62427 zip code has the highest median property tax rate of 4.06%, while the same zip code also has the lowest median tax rate of 4.06%. Understanding how these cities compare with Flat Rock provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Rock Tax Rate
4.06%
Average Lawrence County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62427 | 1.52% | 2.20% | 4.06% | 6.60% | 8.69% |
Source: Ownwell
Property Tax Assessment Values Across Flat Rock, Illinois
In Flat Rock, 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 Lawrence County Assessment 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 Flat Rock, 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 Flat Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Flat Rock is $23,060, with the highest and lowest median tax bills both recorded at $882 in the 62427 zip code.
Average Flat Rock Assessed Value
$23,060
Average Lawrence County Assessed Value
$22,875
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62427 | $3,828 | $8,293 | $23,060 | $36,554 | $76,121 |
Source: Ownwell
Property Tax Bills Across Flat Rock, Illinois
In Flat Rock, Illinois, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For example, if a home in Flat Rock has a median home price of $23,060, the assessed value would be a fraction of this amount, depending on the local assessment ratio. Once the assessed value is determined, the local tax rate is applied to calculate the property tax bill. In Lawrence County, the tax bills can vary significantly. The 25th percentile tax bill is around $301, while the 75th percentile is $1,886. The 90th percentile tax bill can go up to $2,999, highlighting the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, the property tax rates in Flat Rock can have a substantial impact on homeowners, influencing their financial planning and overall cost of living.
Average Flat Rock Tax Bill
$882
Average Lawrence County Tax Bill
$743
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62427 | $127 | $301 | $882 | $1,886 | $2,999 |
Source: Ownwell