Rankin, Ford County, Illinois Property Taxes
Median Rankin, IL effective property tax rate: 3.17%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Rankin, IL home value: $150,870
Median annual Rankin, IL tax bill: $4,304, $1,904 higher than the national median property tax bill of $2,400.
How are property taxes in Ford County calculated?
Property taxes in Rankin, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Rankin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Rankin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Rankin, Ford County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.17%
Estimate Property Tax Bill
$4,783
$4,438
Property Tax Rates Across Rankin, Ford County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
RANKIN in county 17053, IL, is a noteworthy example. With an effective property tax rate of 3.17%, it stands significantly above the national median property tax rate of 1.02%. This rate is consistent across the region, reflecting both the highest and lowest median tax rates in the area. The median property tax bill in this region is also expected to exceed the national median of $2400, given the higher rate.
Comparing RANKIN’s effective property tax rate to other cities in Illinois highlights the unique fiscal landscape of the area. While property taxes are essential for funding local services, the rates can be a crucial factor for homeowners and potential buyers to consider.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Rankin Tax Rate
3.17%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Ford County Tax Rate
2.52%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Rankin, Ford County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | 2.30% | 2.71% | 3.17% | 3.17% | 3.48% |
Source: Ownwell
Property Tax Assessment Values Across Rankin, Ford County, Illinois
When examining property taxes in Rankin, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Ford County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Ford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of the season. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Rankin. For example, the median home price in Rankin is $150,870, with tax bills ranging significantly across the county. Zip code 60960 has the highest median home price at $150,870.
Property Tax Assessment Values Across Rankin, Ford County, Illinois
Source: Ownwell
$34,920
$115,628
$196,335
Median Rankin Market Value
$150,870
Median Ford County Market Value
$93,960
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Rankin, Ford County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | $53,628 | $80,220 | $150,870 | $178,380 | $250,902 |
Source: Ownwell
Property Tax Bills Across Rankin, Ford County, Illinois
Median Rankin Tax Bill
$4,304
Median Ford County Tax Bill
$2,272
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Rankin, Ford County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | $1,375 | $2,286 | $4,304 | $5,841 | $8,578 |
Source: Ownwell