Rockford, Illinois Property Taxes
The median property tax rate in Rockford, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockford, the typical annual property tax bill reaches $4,667, exceeding the national median of $2,690. Property taxes in Rockford 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 Rockford'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 Rockford 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
Rockford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$4,576
$4,471
Ownwell’s Rockford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockford 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 Rockford, Illinois
Property taxes in Rockford, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockford is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rockford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockford 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 Rockford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61102 zip code has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these areas compare with Rockford provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockford Tax Rate
2.26%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61102 | 1.79% | 2.13% | 2.25% | 2.34% | 2.50% |
| 61109 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Rockford, Illinois
In Rockford, 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 Ogle 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 Rockford, 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 Rockford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61102, with a tax bill of $4,647, while the lowest median tax bill is also in the 61102 zip code, at $4,647.
Average Rockford Assessed Value
$202,470
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61102 | $103,990 | $148,219 | $204,244 | $276,871 | $374,985 |
| 61109 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Rockford, Illinois
In Rockford, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners in Rockford face property tax bills that vary significantly, depending on the assessed value of their homes and the tax rate set by local taxing authorities. For example, the median home price in Rockford is $202,470. Property tax bills can range widely, with the 25th percentile at $3,357 and the 75th percentile at $6,296. At the higher end, the 90th percentile reaches $8,601. The highest median tax bill is $4,647 in the zip code 61102, which is also the lowest median tax bill, indicating consistent property tax rates within that area. Compared to the national median property tax rate of 0.99%, Rockford's property taxes can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Rockford Tax Bill
$4,667
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61102 | $1,963 | $3,220 | $4,647 | $6,230 | $8,530 |
| 61109 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell