Richland County Property Taxes
The median property tax rate in Richland County is 1.98%, which is significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $112,318 in Richland County, the typical annual property tax bill is $2,107, below the national median of $2,690. Property taxes in Richland County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Richland County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Olney or another part of Richland County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richland County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.98%
Estimate Property Tax Bill
$2,224
$2,064
Ownwell’s Richland County Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential property owners seeking to estimate their annual property taxes in Richland County with just two simple data points. By entering your property's estimated assessed value, our calculator uses the median tax rate in Richland County to provide an accurate estimate of your property tax bill. This feature helps you understand your potential tax liabilities. For those interested in more localized information, you can scroll down to explore tax trends on a city level. Your property's assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Richland County, Illinois
Property taxes in Richland County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Richland County is 1.98%, which is higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Richland County set these rates annually, and they can vary significantly between different areas within the county. Each year, Richland County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Richland County's effective property tax rate with other counties in Illinois and the national median. For comparison, the city of Newton has one of the higher property tax rates in Illinois at 2.13%, while the city of Sumner boasts one of the lowest at 1.56%. Analyzing how Richland County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Richland County Tax Rate
1.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Calhoun | 1.13% | 1.44% | 1.85% | 2.09% | 2.17% |
| Claremont | 1.27% | 1.68% | 1.88% | 2.05% | 2.19% |
| Dundas | 1.00% | 1.42% | 1.97% | 2.14% | 2.25% |
| Newton | 1.80% | 1.94% | 2.13% | 2.23% | 2.29% |
| Noble | 1.26% | 1.67% | 1.99% | 2.22% | 2.31% |
| Olney | 1.05% | 1.57% | 2.01% | 2.34% | 2.67% |
| Parkersburg | 0.81% | 1.67% | 1.89% | 2.13% | 2.25% |
| Sumner | 1.53% | 1.54% | 1.56% | 1.58% | 1.59% |
| West Salem | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Richland County, Illinois
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Richland County. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Richland County Appraisal District. The assessed value, however, 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 in Richland County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Notably, West Salem has the highest median tax bill at $3,317, while Sumner boasts the lowest at $1,109. Being aware of these valuation processes in Richland County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Richland County, Illinois
Source: Ownwell
$71,542
$114,577
$157,611
Average Richland County Assessed Value
$112,318
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richland County, Illinois
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Calhoun | $25,974 | $44,360 | $82,050 | $170,217 | $260,227 |
| Claremont | $39,054 | $79,230 | $133,380 | $195,749 | $285,446 |
| Dundas | $43,311 | $79,172 | $137,704 | $203,081 | $272,984 |
| Newton | $66,532 | $108,894 | $155,250 | $218,907 | $242,774 |
| Noble | $46,614 | $85,983 | $141,147 | $207,948 | $262,443 |
| Olney | $28,900 | $44,966 | $99,482 | $183,380 | $251,606 |
| Parkersburg | $43,191 | $66,233 | $126,814 | $193,254 | $247,516 |
| Sumner | $59,572 | $64,061 | $71,542 | $79,024 | $83,512 |
| West Salem | $157,611 | $157,611 | $157,611 | $157,611 | $157,611 |
Source: Ownwell
Property Tax Bills Across Richland County, Illinois
In Richland County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is reassessed periodically to reflect current market conditions. Local tax rates are set by various taxing authorities within the county, such as school districts, municipalities, and other local government entities. Several factors influence the final tax bill, including the home's location, its assessed value, and the specific tax rates of the local jurisdictions. For example, the median home price in Richland County is $112,318. Homeowners in the 25th percentile can expect a tax bill around $982, while those in the 75th percentile may see bills as high as $3,899. The 90th percentile tax bills can reach up to $5,738. These tax bills can significantly impact homeowners, making it essential to understand how local assessments and tax rates work. In comparison, the national median property tax rate stands at 0.99%, which can be used as a benchmark to evaluate local tax burdens.
Average Richland County Tax Bill
$2,107
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Calhoun | $396 | $827 | $1,525 | $3,318 | $5,638 |
| Claremont | $651 | $1,415 | $2,420 | $3,636 | $5,971 |
| Dundas | $570 | $996 | $2,359 | $4,047 | $5,769 |
| Newton | $1,288 | $1,972 | $2,982 | $4,854 | $5,244 |
| Noble | $668 | $1,409 | $2,679 | $4,282 | $5,891 |
| Olney | $426 | $849 | $1,759 | $3,835 | $5,692 |
| Parkersburg | $577 | $1,181 | $2,488 | $4,118 | $5,306 |
| Sumner | $947 | $1,008 | $1,109 | $1,211 | $1,272 |
| West Salem | $3,317 | $3,317 | $3,317 | $3,317 | $3,317 |
Source: Ownwell