Housing & Neighborhoods Property Taxes
Property Taxes
Property Taxes
The 2009 property tax rates (payable in 2010) for Rock Island are:
Rock Island Township 9.4879
South Rock Island Township 9.2693
To see Rock Island’s property tax rates click here.
Under Illinois law, several programs designed to provide property tax relief are available to homeowners. One of the most common is the General Homestead Exemption for owner occupied homes; this exemption lowers the equalized assessed value of your property up to $6,000 beginning in 2009 payable 2010. Another popular tax relief is the Home Improvement Exemption which defers, for 4 years, any increase in the assessment of your property as a result of improvements such as: a deck, addition, garage, porch, etc., for which the assessor would add value. Click here to learn about Rock Island County's property tax relief programs.
Home Values
Let’s compare 3 bedroom, 1 car garage, single family homes, ranging in price from $50,000 to $200,000 in the Quad Cities. The following evaluates the homes sold from January 1, 2008 to January 12, 2009.
| Rock Island, IL | Moline, IL | Bettendorf, IA | Davenport, IA | |
| Average selling price | $105,441 | $111,748 | $138,498 | $89,910 |
| Average sales price | $75/sq.ft. | $78/sq.ft. | $106/sq.ft. | $76/sq.ft. |
| Average number of days on market | 53 | 60 | 44 | 57 |
| Number of homes sold | 153 | 210 | 160 | 302 |
Information compiled from MLS by realtor Jerry Wolking.
Conclusion: You get more house for the money in Rock Island.
Income Tax
Income taxes need to be taken into account as Illinois and Iowa have very different income tax systems.
| $75,000 income | $150,000 income | $250,000 income | |
| Iowa total federal & state tax | $11,460 | $32,735 | $68,489 |
| Illinois total federal & state tax | $9,747 | $28,575 | $61,650 |
| Difference | $1,713 | $4,160 | $6,839 |
Source: Ruhl & Ruhl, information provided by RSM McGladrey, Inc.
Conclusion: Income taxes are higher for most people in Iowa.
While in depth study may indicate there is no tax incentive to live on one side of the river for most people, most homebuyers don’t get into that level of detail. Payroll deduction of income taxes removes the sticker shock of that annual property tax bill. The tax impact of one state versus another requires a case-by-case analysis by a knowledgeable tax advisor.
Conclusion: Each individual is different. Before you buy a home, take a look at the entire picture to see what is most beneficial for you.