Richmond, Mchenry County, Illinois Property Taxes

Name: Property Tax Bills Across Richmond, Mchenry County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Richmond, IL effective property tax rate: 2.66%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Richmond, IL home value: $227,919
Median annual Richmond, IL tax bill: $5,791, $3,391 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

Property taxes in Richmond, 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 Richmond’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Richmond, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Richmond, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.66%

Estimate Property Tax Bill

$6,063

$5,626

Ownwell’s Richmond Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, our calculator applies Richmond’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McHenry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Richmond, Mchenry County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.

RICHMOND in McHenry County, IL, has an effective property tax rate that stands out when compared to other cities in Illinois and the national average. With a median property tax rate of 2.66%, Illinois is significantly higher than the national median of 1.02%. This places a considerable financial responsibility on property owners in the state. In contrast, the national median property tax bill is around $2,400, which highlights the heavier tax burden faced by Illinois residents. Understanding these rates is crucial for homeowners looking to manage their property tax liabilities effectively.

Property Tax Rates Across Richmond, Mchenry County, Illinois

Source: Ownwell

2.29%

2.72%

3.15%

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 Richmond Tax Rate

2.66%

Median Effective Mchenry County Tax Rate

2.75%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Richmond, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60071	2.31%	2.50%	2.66%	2.84%	3.07%

Source: Ownwell

Property Tax Assessment Values Across Richmond, Mchenry County, Illinois

When examining property taxes in Richmond, IL, 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 McHenry County Assessor's Office 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. Assessment notices: In McHenry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Richmond. For example, the median home price in Richmond is $227,919, with tax bills ranging significantly across the county. 60071 has the highest median home price at $227,919.

Property Tax Assessment Values Across Richmond, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Richmond Market Value

$227,919

Median Mchenry County Market Value

$241,654

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Richmond, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60071	$78,345	$147,906	$227,919	$299,686	$359,403

Source: Ownwell

Property Tax Bills Across Richmond, Mchenry County, Illinois

In Richmond, McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price here is $227,919, which influences the tax bills homeowners receive. Property tax bills can vary significantly, with the 25th percentile at $3,569 and the 75th percentile reaching $7,963. The highest median tax bill in the area is $5,791, which is notably higher than the national median property tax bill of $2,400. Factors such as local government budgets and school funding needs also play a role in determining the tax rate. These taxes can be a significant burden for homeowners, especially when they exceed the national median property tax rate of 1.02%. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing property assessments and market conditions, Ownwell can help reduce tax liabilities, ensuring homeowners in Richmond pay only their fair share.

Property Tax Bills Across Richmond, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Richmond Tax Bill

$5,791

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Richmond, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60071	$2,408	$3,569	$5,791	$7,963	$9,640

Source: Ownwell