Royal Lakes, Illinois Property Taxes
The median property tax rate in Royal Lakes, IL is 1.43%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Royal Lakes, the typical annual property tax bill reaches $378, significantly below the national median of $2,690. Property taxes in Royal Lakes 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 Royal Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Royal Lakes 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
Royal Lakes, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$366
$358
Ownwell’s Royal Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Royal Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Royal Lakes 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 Royal Lakes, Illinois
Property taxes in Royal Lakes, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Royal Lakes is 1.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Royal Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royal Lakes 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 Royal Lakes' effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62685 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these areas compare with Royal Lakes provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Royal Lakes Tax Rate
1.43%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royal Lakes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62685 | 0.59% | 0.86% | 1.43% | 2.42% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Royal Lakes, Illinois
In Royal Lakes, 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 Macoupin 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 Royal Lakes, 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 Royal Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $25,616, with the highest median tax bill in zip code 62685 being $378.
Average Royal Lakes Assessed Value
$25,616
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Royal Lakes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62685 | $9,358 | $16,564 | $25,616 | $48,329 | $80,567 |
Source: Ownwell
Property Tax Bills Across Royal Lakes, Illinois
In Royal Lakes, Macoupin County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The assessment ratio in Illinois is generally 33.33% of the market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The tax rate can vary based on local government budgets and the needs of the community. For homeowners in Royal Lakes, the property tax bill can significantly impact their finances. For example, the median home price is $25,616, leading to a wide range of tax bills. At the 25th percentile, homeowners pay around $155 annually, while those at the 75th percentile face a tax bill of $678. The 90th percentile sees even higher bills, reaching up to $1,059. Comparing these figures to the national median property tax rate of 0.99%, it's clear that property taxes in Royal Lakes can vary widely, reflecting both the value of the property and the specific tax rate applied by local authorities.
Average Royal Lakes Tax Bill
$378
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Royal Lakes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62685 | $102 | $155 | $378 | $678 | $1,059 |
Source: Ownwell