Roanoke, Illinois Property Taxes
The median property tax rate in Roanoke, IL is 2.54%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Roanoke, the typical annual property tax bill reaches $2,476, which is just below the national median of $2,690. Property taxes in Roanoke 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 Roanoke'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 Roanoke 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
Roanoke, 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 Roanoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roanoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roanoke 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 Roanoke, Illinois
Property taxes in Roanoke, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roanoke is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Roanoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roanoke 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 Roanoke's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61561 zip code has the highest median property tax rate of 2.54%, while the same zip code also has the lowest median tax rate of 2.54%. Understanding how these cities compare with Roanoke provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roanoke Tax Rate
2.54%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roanoke, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61561 | 1.89% | 2.31% | 2.54% | 2.73% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Roanoke, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Roanoke, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by local appraisal 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 Roanoke, 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. Roanoke's median home price is $102,585, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,442, while the 75th percentile tax bill is $3,607. The highest median tax bill is $2,476 in the 61561 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Roanoke Assessed Value
$102,585
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roanoke, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61561 | $21,110 | $61,908 | $102,585 | $145,690 | $197,619 |
Source: Ownwell
Property Tax Bills Across Roanoke, Illinois
In Roanoke, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. Homeowners in Roanoke see varying tax bills, influenced by factors such as property size, location, and improvements. The median home price in Roanoke is $102,585, and the property tax rate in Woodford County, where Roanoke is located, can significantly impact the annual tax bill. For example, a homeowner at the 25th percentile might pay around $1,442 in property taxes, while those at the 75th and 90th percentiles could see bills as high as $3,607 and $5,195, respectively. This variability means that property taxes can represent a significant portion of a homeowner's annual expenses. Compared to the national median property tax rate of 0.99%, Roanoke's rates can be relatively high, particularly for those with higher-value homes. This makes understanding property tax calculations crucial for homeowners looking to manage their expenses effectively.
Average Roanoke Tax Bill
$2,476
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Roanoke, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61561 | $529 | $1,442 | $2,476 | $3,607 | $5,195 |
Source: Ownwell