Raleigh, Illinois Property Taxes
The median property tax rate in Raleigh, IL is 2.36%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Raleigh, the typical annual property tax bill reaches $2,080, which is below the national median of $2,690. Property taxes in Raleigh 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 Raleigh'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 Raleigh 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
Raleigh, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Raleigh Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Raleigh with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Raleigh to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Raleigh, Illinois
Property taxes in Raleigh, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raleigh is 2.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Raleigh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raleigh 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 Raleigh's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62977 zip code has both the highest and lowest median property tax rate of 2.36%. Understanding how these areas compare with Raleigh provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raleigh Tax Rate
2.36%
Average Saline County Tax Rate
2.49%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raleigh, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62977 | 1.21% | 2.07% | 2.36% | 2.98% | 3.44% |
Source: Ownwell
Property Tax Assessment Values Across Raleigh, Illinois
In Raleigh, 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 Saline 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 Raleigh, 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 Raleigh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62977 has the highest and lowest median tax bill at $2,080.
Average Raleigh Assessed Value
$94,490
Average Saline County Assessed Value
$61,146
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raleigh, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62977 | $11,073 | $39,945 | $94,490 | $147,370 | $187,363 |
Source: Ownwell
Property Tax Bills Across Raleigh, Illinois
In Raleigh, Saline County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Raleigh can expect their property tax bills to vary significantly, with the 25th percentile at $938 and the 75th percentile reaching $3,782, while the 90th percentile can go up to $4,748. These figures indicate a wide range in tax liabilities, influenced by factors such as property size, location, and market conditions. The median home price in Raleigh is $94,490, which provides a baseline for understanding how tax bills are derived. The assessed value is then multiplied by the local tax rate to determine the final tax bill. With the national median property tax rate at 0.99%, homeowners in Raleigh need to be aware of how these assessments and rates impact their financial planning. The highest median tax bill in the area is $2,080, recorded in the 62977 zip code, reflecting the variability in property taxes within the region.
Average Raleigh Tax Bill
$2,080
Average Saline County Tax Bill
$1,585
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Raleigh, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62977 | $316 | $938 | $2,080 | $3,782 | $4,748 |
Source: Ownwell