Radom, Illinois Property Taxes
The median property tax rate in Radom, IL is 2.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Radom at $44,600, the typical annual property tax bill reaches $857, which is lower than the national median of $2,690. Property taxes in Radom 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 Radom'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 Radom 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
Radom, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$1,293
$1,200
Ownwell’s Radom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Radom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Radom 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 Radom, Illinois
Property taxes in Radom, Illinois, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Radom is 2.90%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Radom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Radom 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 Radom's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62876 zip code has the highest median property tax rate of 2.90%, while the 62876 zip code also has the lowest median tax rate of 2.90%. Understanding how these cities compare with Radom provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Radom Tax Rate
2.90%
Average Washington County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Radom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62876 | 1.77% | 2.20% | 2.90% | 2.90% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Radom, Illinois
In Radom, 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 Radom, 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 Radom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Radom is $857, with zip code 62876 having the same median tax bill.
Average Radom Assessed Value
$44,600
Average Washington County Assessed Value
$38,358
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Radom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62876 | $5,170 | $16,154 | $44,600 | $60,412 | $81,732 |
Source: Ownwell
Property Tax Bills Across Radom, Illinois
In Radom, Washington County, IL, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. Homeowners in Radom typically see a median home price of $44,600. The property tax rate is applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. For homeowners in Radom, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $357, while at the 75th percentile, it rises to approximately $1,728. For those at the 90th percentile, the tax bill can reach up to $1,810. This variation affects homeowners differently, with some paying significantly more than others, depending on their property's assessed value. Comparatively, the highest and lowest median tax bills in the area both stand at $857, indicating a range of tax burdens within the community. These property taxes fund local services, impacting the overall quality of life for residents.
Average Radom Tax Bill
$857
Average Washington County Tax Bill
$660
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Radom, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62876 | $150 | $357 | $857 | $1,728 | $1,810 |
Source: Ownwell