Rockwood, Illinois Property Taxes
The median property tax rate in Rockwood, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockwood, the typical annual property tax bill reaches $66, which is significantly lower than the national median of $2,690. Property taxes in Rockwood 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 Rockwood'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 Rockwood 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
Rockwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$66
$61
Ownwell’s Rockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockwood 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 Randolph County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rockwood, Illinois
Property taxes in Rockwood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockwood 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 Rockwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62280 has both the highest and lowest median property tax rate of 1.95%. Understanding how these cities compare with Rockwood provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockwood Tax Rate
1.95%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62280 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Illinois
In Rockwood, 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 Randolph 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 Rockwood, 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 Rockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockwood Assessed Value
$3,375
Average Randolph County Assessed Value
$47,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62280 | $3,375 | $3,375 | $3,375 | $3,375 | $3,375 |
Source: Ownwell
Property Tax Bills Across Rockwood, Illinois
In Rockwood, located in Randolph County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and typically represents a percentage of the property's market value. For homeowners in Rockwood, the median home price is $3,375. Property taxes are then calculated by applying the local tax rate to this assessed value. For instance, the tax bills in Rockwood show that the amounts at the 25th, 75th, and 90th percentiles are all $66, indicating a relatively uniform property tax rate across different home values. This consistency suggests that homeowners can anticipate their property tax obligations with a degree of predictability. When compared to the national median property tax rate of 0.99%, Rockwood's property tax rate appears to be significantly lower, which can be a financial advantage for residents. Understanding these factors helps homeowners in Rockwood plan and manage their annual property tax expenses more effectively.
Average Rockwood Tax Bill
$66
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62280 | $66 | $66 | $66 | $66 | $66 |
Source: Ownwell