Rockford, Illinois Property Taxes
The median property tax rate in Rockford, IL is 2.96%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rockford at $96,579, the typical annual property tax bill reaches $2,647, just below the national median of $2,690. Property taxes in Rockford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Rockford'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 Rockford 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
Rockford, 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 Rockford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockford 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 Rockford, Illinois
Property taxes in Rockford, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockford is 2.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Rockford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockford 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 Rockford's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61126 zip code has the highest median property tax rate of 3.81%, while the 61101 zip code has the lowest median tax rate of 2.60%. Understanding how these areas compare with Rockford provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockford Tax Rate
2.96%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61101 | 0.83% | 2.03% | 2.60% | 3.81% | 3.81% |
| 61102 | 0.98% | 2.03% | 2.70% | 3.14% | 3.81% |
| 61103 | 1.33% | 2.40% | 2.85% | 3.36% | 3.81% |
| 61104 | 1.08% | 2.23% | 2.88% | 3.81% | 3.81% |
| 61107 | 1.88% | 2.70% | 3.14% | 3.41% | 3.81% |
| 61108 | 1.61% | 2.61% | 2.99% | 3.19% | 3.81% |
| 61109 | 1.42% | 2.33% | 2.76% | 3.25% | 3.81% |
| 61114 | 1.97% | 2.97% | 3.30% | 3.46% | 3.62% |
| 61126 | 3.81% | 3.81% | 3.81% | 3.81% | 3.81% |
Source: Ownwell
Property Tax Assessment Values Across Rockford, Illinois
In Rockford, 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 Rockford, 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 Rockford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rockford stands at $96,579, with the 25th percentile tax bill at $1,332 and the 75th percentile tax bill at $4,309. The highest median tax bill is $5,358 in the 61114 zip code, while the lowest median tax bill is $1,154 in the 61126 zip code.
Average Rockford Assessed Value
$96,579
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61101 | $22,891 | $34,259 | $49,948 | $82,512 | $145,325 |
| 61102 | $19,329 | $33,462 | $52,896 | $100,500 | $185,253 |
| 61103 | $46,439 | $59,698 | $76,212 | $106,370 | $160,318 |
| 61104 | $30,191 | $37,930 | $48,324 | $63,798 | $82,047 |
| 61107 | $77,867 | $101,496 | $133,704 | $174,012 | $232,349 |
| 61108 | $74,843 | $85,896 | $102,117 | $139,638 | $175,015 |
| 61109 | $33,550 | $58,017 | $108,610 | $146,936 | $174,325 |
| 61114 | $103,967 | $138,285 | $168,312 | $208,866 | $254,850 |
| 61126 | $30,309 | $30,309 | $30,309 | $30,309 | $30,309 |
Source: Ownwell
Property Tax Bills Across Rockford, Illinois
In Rockford, Winnebago County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the home. Various factors influence the assessed value, including the property's location, size, and condition. Once the assessed value is established, local tax rates, which are set by various taxing entities such as school districts, municipalities, and special districts, are applied to determine the final tax bill. For homeowners in Rockford, the median home price is $96,579. Property tax bills can vary significantly, with the 25th percentile bill at $1,332 and the 75th percentile bill at $4,309. The highest median tax bill in the area reaches $5,358 in zip code 61114, while the lowest median tax bill is $1,154 in zip code 61126. These property taxes can significantly impact homeowners' finances, influencing decisions on purchasing, selling, or maintaining a home in the area.
Average Rockford Tax Bill
$2,647
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61101 | $239 | $729 | $1,249 | $2,215 | $3,842 |
| 61102 | $184 | $662 | $1,319 | $2,540 | $5,218 |
| 61103 | $634 | $1,426 | $2,152 | $3,153 | $4,569 |
| 61104 | $394 | $869 | $1,392 | $1,991 | $2,667 |
| 61107 | $1,414 | $2,753 | $3,967 | $5,489 | $7,707 |
| 61108 | $1,416 | $2,309 | $3,001 | $4,094 | $5,396 |
| 61109 | $264 | $1,343 | $2,814 | $4,196 | $5,074 |
| 61114 | $2,189 | $3,953 | $5,358 | $6,957 | $8,807 |
| 61126 | $1,154 | $1,154 | $1,154 | $1,154 | $1,154 |
Source: Ownwell