Ringwood, Illinois Property Taxes
The median property tax rate in Ringwood, IL is 2.48%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ringwood at $333,567, the typical annual property tax bill reaches $8,129, exceeding the national median of $2,690. Property taxes in Ringwood 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 Ringwood'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 Ringwood 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
Ringwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$8,272
$8,083
Ownwell’s RINGWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RINGWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RINGWOOD 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 Ringwood, Illinois
Property taxes in Ringwood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ringwood is 2.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ringwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ringwood 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 Ringwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60072 zip code has the highest median property tax rate of 2.48%, while the 60072 zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with Ringwood provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ringwood Tax Rate
2.48%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ringwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60072 | 2.27% | 2.38% | 2.48% | 2.53% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Ringwood, Illinois
In Ringwood, 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 McHenry 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 Ringwood, 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. The median home price in Ringwood is $333,567, with tax bills ranging from $5,786 at the 25th percentile to $11,073 at the 90th percentile. The highest and lowest median tax bills are both $8,129, found in the 60072 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 Ringwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ringwood Assessed Value
$333,567
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ringwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60072 | $191,401 | $257,139 | $333,567 | $386,682 | $462,651 |
Source: Ownwell
Property Tax Bills Across Ringwood, Illinois
In Ringwood, McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value. Homeowners in Ringwood typically see tax bills that vary significantly, with the 25th percentile around $5,786 and the 75th percentile reaching $9,510. At the 90th percentile, the tax bill can be as high as $11,073. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the local tax policies and the assessed property values in the area. The highest median tax bill in the region is $8,129, and this is consistent across the zip code 60072. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate their annual financial obligations and the benefits they receive from their contributions.
Average Ringwood Tax Bill
$8,129
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ringwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60072 | $4,171 | $5,786 | $8,129 | $9,510 | $11,073 |
Source: Ownwell