Rio, Illinois Property Taxes
The median property tax rate in Rio, Illinois is 2.24%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rio, the typical annual property tax bill reaches $4,029, exceeding the national median of $2,690. Property taxes in Rio 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 Rio'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 Rio 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
Rio, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$4,196
$4,100
Ownwell’s RIO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RIO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIO 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 Rio, Illinois
Property taxes in Rio, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rio is 2.24%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rio 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 Rio's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61472 zip code has the highest median property tax rate of 2.24%, while the same zip code also has the lowest median tax rate of 2.24%. Understanding how these cities compare with Rio provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rio Tax Rate
2.24%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61472 | 2.15% | 2.18% | 2.24% | 2.29% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Rio, Illinois
In Rio, 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 Mercer 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 Rio, 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 Rio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4029 in the 61472 zip code, while the lowest is also $4029 in the same zip code.
Average Rio Assessed Value
$187,320
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61472 | $70,572 | $114,352 | $187,320 | $260,288 | $304,068 |
Source: Ownwell
Property Tax Bills Across Rio, Illinois
In Rio, Mercer County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Rio is $187,320. Local tax authorities determine the assessed value and apply the relevant tax rate to calculate the tax bill. Various factors, such as property improvements and market conditions, influence this assessed value. Homeowners in Rio can expect their annual property tax bill to vary significantly. For instance, the tax bill at the 25th percentile is $2,501, while at the 75th percentile, it rises to $5,557. At the 90th percentile, it can reach as high as $6,473. The highest median tax bill in the area is $4,029, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential community services, such as schools and infrastructure, directly impacting the quality of life in Rio.
Average Rio Tax Bill
$4,029
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rio, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61472 | $1,584 | $2,501 | $4,029 | $5,557 | $6,473 |
Source: Ownwell