Roscoe, Illinois Property Taxes
The median property tax rate in Roscoe, IL is 2.80%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Roscoe at $193,718, the typical annual property tax bill reaches $5,341, far exceeding the national median of $2,690. Property taxes in Roscoe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Roscoe'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 Roscoe 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
Roscoe, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$5,424
$5,033
Ownwell’s Roscoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roscoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roscoe 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 Roscoe, Illinois
Property taxes in Roscoe, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roscoe is 2.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Roscoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roscoe 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 Roscoe's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61073 zip code has both the highest and lowest median property tax rate of 2.80%. Understanding how these areas compare with Roscoe 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 Roscoe Tax Rate
2.80%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roscoe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61073 | 2.23% | 2.64% | 2.80% | 2.97% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Roscoe, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Roscoe, Illinois. 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 Winnebago County Assessor 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 Roscoe, 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 Roscoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Roscoe, the highest median tax bill is $5,341 in zip code 61073, which is above the national median property tax rate of 0.99%.
Average Roscoe Assessed Value
$193,718
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 Roscoe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61073 | $117,436 | $162,690 | $193,718 | $254,015 | $346,732 |
Source: Ownwell
Property Tax Bills Across Roscoe, Illinois
Property tax bills in Roscoe, IL, are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. In Roscoe, homeowners can expect their tax bills to vary significantly, with the 25th percentile at $4,136 and the 75th percentile reaching up to $7,060. The highest median tax bill in the area is $5,341, as seen in the 61073 zip code. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Roscoe, within Winnebago County, may find their tax rates higher than the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure maintenance. As a result, property taxes play a crucial role in maintaining the quality of life and services in the community. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Roscoe Tax Bill
$5,341
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Roscoe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61073 | $2,085 | $4,136 | $5,341 | $7,060 | $9,859 |
Source: Ownwell