Reddick, Illinois Property Taxes
The median property tax rate in Reddick, IL is 2.91%, 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 $232,374, the typical annual property tax bill reaches $6,886, exceeding the national median of $2,690. Property taxes in Reddick are calculated based on the 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 Livingston County, 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
2.91%
Estimate Property Tax Bill
$6,762
$6,275
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, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Reddick is 2.91%, 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 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with Reddick provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reddick Tax Rate
2.91%
Average Livingston County Tax Rate
3.02%
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% | 2.59% | 2.91% | 3.07% | 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 Livingston 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 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. The highest and lowest median tax bills are both found in the 60961 zip code, each at $6,886.
Average Reddick Assessed Value
$232,374
Average Livingston County Assessed Value
$144,219
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 | $163,568 | $213,285 | $232,374 | $265,988 | $335,812 |
Source: Ownwell
Property Tax Bills Across Reddick, Illinois
In Reddick, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. In Livingston County, where Reddick is located, property tax rates can significantly impact homeowners. For instance, homeowners in the 25th percentile of tax bills pay around $6,014, while those in the 75th percentile face bills of approximately $7,446. At the 90th percentile, the tax bill can reach up to $9,193. These figures are well above the national median property tax rate of 0.99%, indicating that property taxes in Reddick are relatively high. This can place a considerable financial burden on homeowners, affecting their overall cost of living. Understanding how these factors interplay helps homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Reddick Tax Bill
$6,886
Average Livingston County Tax Bill
$4,592
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 | $4,417 | $6,014 | $6,886 | $7,446 | $9,193 |
Source: Ownwell