Rutland, Illinois Property Taxes
The median property tax rate in Rutland, Illinois is 2.67%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rutland at $135,216, the typical annual property tax bill reaches $3,649, exceeding the national median of $2,690. Property taxes in Rutland 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 Rutland'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 Rutland 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
Rutland, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Rutland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rutland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rutland 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 Rutland, Illinois
Property taxes in Rutland, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rutland is 2.67%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rutland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rutland 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 Rutland's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61358 has the highest median property tax rate of 2.67%, while the lowest median tax rate within the same zip code is also 2.67%. Understanding how these areas compare with Rutland provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rutland Tax Rate
2.67%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rutland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61358 | 2.25% | 2.49% | 2.67% | 2.88% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Rutland, Illinois
In Rutland, 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 Marshall 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 Rutland, 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. For example, the 25th percentile tax bill is $2,215, while the 75th percentile is $5,552, and the 90th percentile reaches $6,890. The highest and lowest median tax bills are both $3,649 in the 61358 zip code. 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 Rutland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rutland Assessed Value
$135,216
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rutland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61358 | $46,998 | $84,820 | $135,216 | $196,078 | $231,884 |
Source: Ownwell
Property Tax Bills Across Rutland, Illinois
In Rutland, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the home's market value. Various factors influence the tax bill, including the property's size, location, and market conditions. For instance, the median home price in Rutland is $135,216. The tax rate is then applied to the assessed value to determine the annual tax bill. Homeowners in Rutland experience varying tax bills. At the 25th percentile, the tax bill is around $2,215, while it rises to $5,552 at the 75th percentile and $6,890 at the 90th percentile. These figures illustrate the range of tax burdens depending on property values and local tax rates. Compared to the national median property tax rate of 0.99%, Rutland's tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Rutland Tax Bill
$3,649
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rutland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61358 | $1,383 | $2,215 | $3,649 | $5,552 | $6,890 |
Source: Ownwell