Rock Island, Illinois Property Taxes
The median property tax rate in Rock Island, IL is 2.86%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rock Island at $103,203, the typical annual property tax bill reaches $2,852, exceeding the national median of $2,690. Property taxes in Rock Island 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 Rock Island'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 Rock Island 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
Rock Island, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.86%
Estimate Property Tax Bill
$2,952
$2,884
Ownwell’s Rock Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rock Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rock Island 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 Rock Island, Illinois
Property taxes in Rock Island, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rock Island is 2.86%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rock Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rock Island 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 Rock Island's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61201 has both the highest and lowest median property tax rate of 2.86%. Understanding how these areas compare with Rock Island 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 Rock Island Tax Rate
2.86%
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 Rock Island, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61201 | 1.89% | 2.49% | 2.86% | 3.41% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Rock Island, Illinois
In Rock Island, 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 local 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 Rock Island, 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 Rock Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,852, found in the 61201 zip code.
Average Rock Island Assessed Value
$103,203
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 Rock Island, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61201 | $46,394 | $71,828 | $103,203 | $140,298 | $190,063 |
Source: Ownwell
Property Tax Bills Across Rock Island, Illinois
In Rock Island, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $103,203, homeowners can expect varying tax bills depending on specific factors like exemptions and local levies. The 25th percentile tax bill in Rock Island is $1,846, while the 75th percentile tax bill reaches $4,025, and the 90th percentile tax bill can be as high as $5,658. This range indicates how different factors, such as property location within the county and applicable exemptions, can significantly impact the amount homeowners owe. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Rock Island may find their tax bills to be relatively higher or lower depending on their property's assessed value and the specific tax rate applied.
Average Rock Island Tax Bill
$2,852
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 Rock Island, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61201 | $1,024 | $1,846 | $2,852 | $4,025 | $5,658 |
Source: Ownwell