Ridge Farm, Illinois Property Taxes
The median property tax rate in Ridge Farm, IL is 2.77%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ridge Farm at $54,904, the typical annual property tax bill reaches $1,272, exceeding the national median of $2,690. Property taxes in Ridge Farm 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 Ridge Farm'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 Ridge Farm 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
Ridge Farm, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$1,521
$1,486
Ownwell’s Ridge Farm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridge Farm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridge Farm 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 Ridge Farm, Illinois
Property taxes in Ridge Farm, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridge Farm is 2.77%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ridge Farm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridge Farm 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 Ridge Farm's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61870 has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these figures compare with Ridge Farm provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridge Farm Tax Rate
2.77%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridge Farm, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61870 | 1.23% | 2.00% | 2.77% | 3.07% | 3.68% |
Source: Ownwell
Property Tax Assessment Values Across Ridge Farm, Illinois
In Ridge Farm, 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 Vermilion 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 Ridge Farm, 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 Ridge Farm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code with the highest median tax bill is 61870, amounting to $1,272, which is significantly higher than the national median property tax rate of 0.99%.
Average Ridge Farm Assessed Value
$54,904
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridge Farm, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61870 | $15,284 | $31,873 | $54,904 | $86,728 | $135,514 |
Source: Ownwell
Property Tax Bills Across Ridge Farm, Illinois
In Ridge Farm, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Ridge Farm is $54,904. Property tax rates in this area are influenced by local government budgets and the needs of public services such as schools and infrastructure. For homeowners, this means that the amount they owe in property taxes can vary significantly. For instance, the tax bill at the 25th percentile is around $630, while at the 75th percentile, it can reach up to $2,238. Those in the 90th percentile might see a tax bill as high as $3,300. These variations highlight how different factors, including property value and local tax rates, affect the final tax bill. Comparatively, the national median property tax rate is 0.99%, which helps put into perspective how Ridge Farm's property taxes align with broader trends. This localized approach ensures that property taxes are tailored to meet the specific needs and resources of the community.
Average Ridge Farm Tax Bill
$1,272
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridge Farm, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61870 | $328 | $630 | $1,272 | $2,238 | $3,300 |
Source: Ownwell