Rushville, Illinois Property Taxes
The median property tax rate in Rushville, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rushville at $73,410, the typical annual property tax bill reaches $1,542, which is below the national median of $2,690. Property taxes in Rushville 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 Rushville'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 Rushville 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
Rushville, 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 Rushville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rushville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rushville 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 Rushville, Illinois
Property taxes in Rushville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rushville is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rushville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rushville 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 Rushville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62681 zip code has the highest median property tax rate of 2.26%, while the lowest median tax rate is also 2.26%. Understanding how these cities compare with Rushville provides valuable insights into the varying tax landscape across Schuyler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rushville Tax Rate
2.26%
Average Schuyler County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rushville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62681 | 1.14% | 1.81% | 2.26% | 2.57% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Rushville, Illinois
In Rushville, 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 Schuyler County 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 Rushville, 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 Rushville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,542 in zip code 62681, which is also the lowest median tax bill, reflecting the uniformity in property tax distribution.
Average Rushville Assessed Value
$73,410
Average Schuyler County Assessed Value
$67,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rushville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62681 | $18,786 | $41,187 | $73,410 | $112,341 | $159,867 |
Source: Ownwell
Property Tax Bills Across Rushville, Illinois
In Rushville, Schuyler County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this calculation, including the home's market value, assessment levels, and the local tax rate. For example, with a median home price of $73,410, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $732, while at the 75th percentile, it rises to around $2,551. The highest tax bills, seen at the 90th percentile, can reach up to $3,699. These figures highlight the range of tax burdens homeowners might face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, these tax bills reflect the specific economic and policy environment of Rushville. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Rushville Tax Bill
$1,542
Average Schuyler County Tax Bill
$1,400
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rushville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62681 | $331 | $732 | $1,542 | $2,551 | $3,699 |
Source: Ownwell