Rockdale, Illinois Property Taxes
The median property tax rate in Rockdale, IL is 2.24%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockdale at $146,553, the typical annual property tax bill reaches $3,278, exceeding the national median of $2,690. Property taxes in Rockdale 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 Rockdale'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 Rockdale 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
Rockdale, 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 Rockdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockdale 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 Rockdale, Illinois
Property taxes in Rockdale, Illinois are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockdale is 2.24%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rockdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockdale 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 Rockdale's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60436 has the highest median property tax rate of 2.24%, while the same zip code also reflects the lowest median tax rate of 2.24%. Understanding how these cities compare with Rockdale provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockdale Tax Rate
2.24%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockdale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60436 | 1.87% | 2.14% | 2.24% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Rockdale, Illinois
In Rockdale, 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 assessment authorities 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 Rockdale, 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 Rockdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rockdale are both $3278, found in zip code 60436.
Average Rockdale Assessed Value
$146,553
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockdale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60436 | $108,839 | $126,690 | $146,553 | $172,851 | $196,619 |
Source: Ownwell
Property Tax Bills Across Rockdale, Illinois
In Rockdale, located in Will 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. The tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $146,553, property tax rates significantly impact homeowners' expenses. Several factors influence the final tax bill, including property location, market trends, and local government budgets. In Rockdale, the tax bill varies widely, with the 25th percentile paying around $2,710, while those in the 75th percentile pay approximately $3,993. The 90th percentile sees bills as high as $4,604. The national median property tax rate is 0.99%, but local rates can differ, affecting how much homeowners ultimately pay. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Rockdale residents.
Average Rockdale Tax Bill
$3,278
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockdale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60436 | $1,912 | $2,710 | $3,278 | $3,993 | $4,604 |
Source: Ownwell