Rock City, Illinois Property Taxes
The median property tax rate in Rock City, IL is 2.60%, 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 City, the typical annual property tax bill reaches $2,723, slightly exceeding the national median of $2,690. Property taxes in Rock 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 Rock 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 Rock 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
Rock City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$2,184
$2,027
Ownwell’s Rock City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rock City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rock City 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 City, Illinois
Property taxes in Rock 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 Rock City is 2.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rock City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rock 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 Rock City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61070 zip code has both the highest and lowest median property tax rate of 2.60%. Understanding how these cities compare with Rock City provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rock City Tax Rate
2.60%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rock City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61070 | 2.32% | 2.55% | 2.60% | 3.20% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Rock City, Illinois
In Rock 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 Stephenson 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 Rock 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. Being aware of these valuation processes in Rock City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Rock City is $2,723 in zip code 61070, while the lowest is also $2,723 in the same zip code.
Average Rock City Assessed Value
$84,009
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rock City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61070 | $47,087 | $71,967 | $84,009 | $125,304 | $301,973 |
Source: Ownwell
Property Tax Bills Across Rock City, Illinois
In Rock City, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local assessors determine this value, and it serves as the foundation for the tax bill. The median home price in Rock City is $84,009. The tax rate applied to this assessed value is influenced by various factors, including local government budgets, school funding requirements, and public services. Homeowners in Rock City can expect a range of property tax bills. At the 25th percentile, the tax bill is approximately $1,722, while at the 75th percentile, it rises to $3,262. For those in the 90th percentile, the tax bill can reach as high as $6,935. This variability significantly impacts homeowners, as higher property taxes can affect affordability and overall cost of living. Compared to the national median property tax rate of 0.99%, Rock City's property tax rates highlight the importance of understanding local tax obligations.
Average Rock City Tax Bill
$2,723
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rock City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61070 | $1,485 | $1,722 | $2,723 | $3,262 | $6,935 |
Source: Ownwell