Average Tax Assessment in Richland County
Real Estate Values and Property Tax Valuation in Richland County, Illinois
Richland County has 1,525 properties with a cumulative value of $170.7M, representing 0.02% of all real estate value in Illinois. The average property tax rate in Richland County is 2.05%, lower than the state average of 2.47%. Property taxes in Richland County totaled $3.5M, with the average homeowner paying $2,295 in property taxes compared to the state average of $5,405. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
Important Links | |
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Richland Register of Deeds | (803) 576-1910 |
Richland Clerk of Court | (318) 728-4171 |
Richland Auditor | (419) 774-5503 |
Richland Equalization Office | (701) 642-7805 |
Important Dates | |
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Property Valuation Date: | January 1st |
Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
Property Tax Bills Issued: | February 1st and July 1st |
Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
Available Exemptions | |
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Senior | Available |
Disabled | Available |
Homestead | Available |
Veteran | Available |
Solar/Wind | Available |
Charitable | Available |
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Real Estate Statistics in Richland County
Residential Property Taxes by Cities in Richland County
Richland County has an average property tax rate of 2.05%, which is slightly lower than the national average of 2.08%. This rate is applied to all property owners in the county, regardless of the city they live in. However, the effective property tax rate can vary significantly across the cities in Richland County. For example, Noble has the highest effective property tax rate at 2.1%, while Olney has the lowest effective property tax rate at 2.03%. This means that property owners in Noble will pay slightly more in property taxes than those in Olney.
Overall, Richland County has a relatively low property tax rate compared to other counties in the state. This makes it an attractive option for those looking to purchase property in the area. However, it is important to note that the effective property tax rate can vary significantly across the cities in Richland County, so it is important to research the rates in the city you are considering before making a purchase.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Richland County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Richland County.
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
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Real Estate Values in Richland County
Home prices in Richland County, Illinois have remained relatively stable from October 2022 to October 2023, with no change in median home price. However, there has been an increase in home inventory, with 8 homes available in October 2023 compared to 7 in October 2022. This suggests that the housing market in Richland County is becoming more competitive, with more homes available for buyers.
Average Home Value in Richland County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Richland County
Last updated: November 2023
Percent Change in New Home Listings in Richland County
Last updated: November 2023
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Mortgage Rates in Richland County
Richland County has a total of $5.5M in outstanding home mortgage loans, representing 62 loans in total. This amount is equivalent to approximately 0.5% of the total home value in the county. The median mortgage rate in Richland County varies significantly across cities, with Olney having the highest rate of 5.5% and Noble having the lowest rate of 4.5%. This variation in rates can have a significant impact on the affordability of mortgages for potential home buyers in the county.
Overall, the mortgage market in Richland County is relatively small, but the variation in rates across cities can have a significant impact on the affordability of mortgages for potential home buyers. It is important for potential home buyers to research the mortgage rates in their area to ensure they are getting the best deal possible.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Richland County by city.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Richland County.
Housing Expenses in Richland County, Illinois
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