South Roxana, Illinois Property Taxes
The median property tax rate in South Roxana, IL is 2.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in South Roxana at $56,456, the typical annual property tax bill reaches $1,216, exceeding the national median of $2,690. Property taxes in South Roxana 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 South Roxana'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 South Roxana 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
South Roxana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$1,214
$1,126
Ownwell’s South Roxana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Roxana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Roxana 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 South Roxana, Illinois
Property taxes in South Roxana, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Roxana is 2.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Roxana set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Roxana 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 South Roxana's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62087 zip code has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with South Roxana provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Roxana Tax Rate
2.15%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Roxana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62087 | 0.97% | 1.67% | 2.15% | 2.74% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across South Roxana, Illinois
In South Roxana, 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 Madison 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 South Roxana, 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 South Roxana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,116, found in the 62087 zip code.
Average South Roxana Assessed Value
$56,456
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Roxana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62087 | $22,088 | $40,022 | $56,456 | $74,009 | $96,253 |
Source: Ownwell
Property Tax Bills Across South Roxana, Illinois
Property tax bills in South Roxana, located in Madison County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. In South Roxana, homeowners can expect a median home price of $56,456. The property tax rate in this area influences the tax bills significantly, with the 25th percentile tax bill around $645 and the 75th percentile reaching up to $1,597. For homeowners, this means that the value of their property and the local tax rate are crucial factors in determining their tax obligations. Compared to the national median property tax rate of 0.99%, the rates in South Roxana can be quite impactful. Higher property values or changes in the tax rate can lead to substantial differences in annual tax bills, which can affect homeowners' budgets and financial planning.
Average South Roxana Tax Bill
$1,116
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Roxana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62087 | $367 | $645 | $1,116 | $1,597 | $2,231 |
Source: Ownwell