Rome, Illinois Property Taxes
The median property tax rate in Rome, IL is 2.50%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rome at $67,620, the typical annual property tax bill reaches $1,384, exceeding the national median of $2,690. Property taxes in Rome 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 Rome'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 Rome 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
Rome, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$1,691
$1,652
Ownwell’s Rome Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rome to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Rome, Illinois
Property taxes in Rome, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rome is 2.50%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rome 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 Rome's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61562 has the highest median property tax rate of 2.50%, while the same zip code also has the lowest median tax rate of 2.50%. Understanding how these cities compare with Rome provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rome Tax Rate
2.50%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rome, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61562 | 1.79% | 2.03% | 2.50% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Rome, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rome, Illinois. 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 Peoria 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. 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 Rome 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 61562, with a tax bill of $1,384, while the lowest is also 61562, reflecting the same tax bill.
Average Rome Assessed Value
$67,620
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rome, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61562 | $10,422 | $13,110 | $67,620 | $111,000 | $140,652 |
Source: Ownwell
Property Tax Bills Across Rome, Illinois
In Rome, Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the total tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Rome, the median home price stands at $67,620. Homeowners in Rome experience a range of property tax bills. For instance, the 25th percentile tax bill is $328, while the 75th percentile reaches $2,290. At the 90th percentile, the tax bill can go up to $3,269. These variations highlight how different factors, including property characteristics and local tax rates, affect the final amount. Compared to the national median property tax rate of 0.99%, Rome's property tax rates can result in significantly different financial impacts on homeowners, depending on their property's assessed value and specific circumstances.
Average Rome Tax Bill
$1,384
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rome, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61562 | $261 | $328 | $1,384 | $2,290 | $3,269 |
Source: Ownwell