Reynolds, Illinois Property Taxes
The median property tax rate in Reynolds, IL is 2.99%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Reynolds at $157,362, the typical annual property tax bill reaches $4,745, far exceeding the national median of $2,690. Property taxes in Reynolds 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 Reynolds'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 Reynolds or another part of Rock Island County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reynolds, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$4,705
$4,598
Ownwell’s Reynolds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reynolds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reynolds 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 Reynolds, Illinois
Property taxes in Reynolds, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reynolds is 2.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Reynolds set these rates annually, and they can vary across different neighborhoods. Each year, Reynolds 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 Reynolds's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61279 has the highest median property tax rate of 2.99%, while the same zip code also has the lowest median tax rate of 2.99%. Understanding how these areas compare with Reynolds 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 Reynolds Tax Rate
2.99%
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 Reynolds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61279 | 2.53% | 2.58% | 2.99% | 3.32% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Reynolds, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reynolds, 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 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 Reynolds, 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. Notably, the highest median tax bill in Reynolds is $4,745, and the lowest median tax bill is also $4,745, both in the zip code 61279. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reynolds Assessed Value
$157,362
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 Reynolds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61279 | $56,050 | $116,898 | $157,362 | $219,306 | $285,894 |
Source: Ownwell
Property Tax Bills Across Reynolds, Illinois
In Reynolds, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Rock Island County Assessor's office. This assessed value is a percentage of the property's market value, which for Reynolds has a median home price of $157,362. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Reynolds, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $3,780, while the 75th percentile tax bill reaches $6,795. At the higher end, the 90th percentile tax bill is $9,261. These figures are notably higher than the national median property tax rate of 0.99%, indicating a substantial impact on homeowners' annual expenses. Understanding these factors is crucial for homeowners as they can influence financial planning and the overall cost of owning property in Reynolds. Accurate assessments and awareness of tax rates can help homeowners anticipate and manage their property tax obligations effectively.
Average Reynolds Tax Bill
$4,745
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 Reynolds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61279 | $1,599 | $3,780 | $4,745 | $6,795 | $9,261 |
Source: Ownwell