Rockport, Illinois Property Taxes
The median property tax rate in Rockport, IL is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockport, the typical annual property tax bill reaches $1,087, exceeding the national median of $2,690. Property taxes in Rockport 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 Rockport'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 Rockport 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
Rockport, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$1,267
$1,238
Ownwell’s Rockport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockport 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 Rockport, Illinois
Property taxes in Rockport, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockport stands at 1.99%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rockport set these rates annually, and they can vary across different neighborhoods. Each year, Rockport 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 Rockport's effective property tax rate to other areas within Pike County and the national median. For comparison, the 62370 zip code has the highest median property tax rate of 1.99%, while the same zip code also has the lowest median tax rate of 1.99%. Understanding how these cities compare with Rockport provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockport Tax Rate
1.99%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62370 | 0.82% | 1.32% | 1.99% | 2.25% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Rockport, Illinois
In Rockport, 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 Pike 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 Rockport, 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 Rockport 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 in Rockport is 62370, with a median tax bill of $1087.
Average Rockport Assessed Value
$63,690
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62370 | $21,078 | $35,790 | $63,690 | $112,590 | $173,568 |
Source: Ownwell
Property Tax Bills Across Rockport, Illinois
In Rockport, Pike County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. The median home price in Rockport is $63,690. Property taxes are then determined by applying the local tax rate to this assessed value. Factors such as property improvements, location, and market trends can influence the assessed value. Homeowners in Rockport experience varying tax bills, with the 25th percentile paying around $536 and the 75th percentile paying up to $2,187. At the higher end, the 90th percentile of tax bills can reach $3,936. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. For homeowners, these tax bills represent a significant annual expense, impacting overall housing affordability and financial planning. The highest and lowest median tax bills in the area are both $1,087, indicating a degree of uniformity in how properties are taxed within certain regions of Pike County.
Average Rockport Tax Bill
$1,087
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62370 | $268 | $536 | $1,087 | $2,187 | $3,936 |
Source: Ownwell