Rapids City, Illinois Property Taxes
The median property tax rate in Rapids City, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rapids City, the typical annual property tax bill reaches $6,832, exceeding the national median of $2,690. Property taxes in Rapids City 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 Rapids City'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 Rapids City 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
Rapids City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$5,358
$5,235
Ownwell’s Rapids City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Rapids City with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Rapids City to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Rapids City, Illinois
Property taxes in Rapids City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rapids City is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rapids City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rapids City 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 Rapids City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61278 has the highest median property tax rate of 2.58%, while the same zip code 61278 also has the lowest median tax rate of 2.58%. Understanding how these areas compare with Rapids City provides valuable insights into the varying tax landscape across Rock Island County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rapids City Tax Rate
2.58%
Average Rock Island County Tax Rate
2.90%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rapids City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61278 | 2.58% | 2.58% | 2.58% | 2.58% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Rapids City, Illinois
In Rapids City, 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 Rock Island 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 Rapids City, 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. For instance, the highest median tax bill in the area is $6,832 in zip code 61278, while the lowest median tax bill is also $6,832 in the same zip code. Being aware of these valuation processes in Rapids City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rapids City Assessed Value
$207,657
Average Rock Island County Assessed Value
$104,406
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rapids City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61278 | $69,172 | $115,290 | $207,657 | $267,258 | $365,434 |
Source: Ownwell
Property Tax Bills Across Rapids City, Illinois
In Rapids City, located in Rock Island County, IL, property tax bills are calculated based on the assessed value of a home. The process begins with the local assessor determining the market value of the property. This value is then multiplied by the assessment ratio, which in Illinois is typically 33.33%, to arrive at the assessed value. The assessed value is then multiplied by the local tax rate to calculate the property tax bill. Several factors influence the final tax bill, including the property's location, size, and condition. Homeowners in Rapids City can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $2,974, while the 75th percentile tax bill reaches up to $6,895. In comparison, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates impact their finances. High property taxes can significantly affect homeowners, influencing their overall cost of living and potentially affecting property values in the area.
Average Rapids City Tax Bill
$6,832
Average Rock Island County Tax Bill
$2,928
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rapids City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61278 | $1,784 | $2,974 | $6,832 | $6,895 | $9,427 |
Source: Ownwell