Earlville, Illinois Property Taxes
The median property tax rate in Earlville, IL is 2.81%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Earlville at $185,595, the typical annual property tax bill reaches $4,983, exceeding the national median of $2,690. Property taxes in Earlville 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 Earlville'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 Earlville 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
Earlville, 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 Earlville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Earlville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Earlville 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 Earlville, Illinois
Property taxes in Earlville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Earlville is 2.81%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Earlville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Earlville 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 Earlville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60518 has the highest median property tax rate of 2.81%, while the same zip code also has the lowest median tax rate of 2.81%. Understanding how these cities compare with Earlville provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Earlville Tax Rate
2.81%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Earlville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60518 | 2.29% | 2.51% | 2.81% | 3.15% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Earlville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Earlville, IL. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the DeKalb County Assessor 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 Earlville, 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. The median home price in Earlville is $185,595, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $3,715, while the 75th percentile tax bill is $7,372. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 60518, with a median tax bill of $4,983.
Average Earlville Assessed Value
$185,595
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Earlville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60518 | $86,536 | $131,541 | $185,595 | $261,216 | $333,423 |
Source: Ownwell
Property Tax Bills Across Earlville, Illinois
In Earlville, located in DeKalb County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For example, if a home's market value is $185,595, the assessed value would be a fraction of this amount, depending on local assessment ratios. Several factors influence the final tax bill, including local tax rates set by various taxing authorities such as schools, municipalities, and special districts. Homeowners in Earlville can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,715, while the 75th percentile tax bill reaches $7,372, and the 90th percentile can go up to $10,702. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Earlville to understand how local rates and assessments can affect their annual financial obligations. This variability underscores the importance of knowing how local property taxes are calculated and their impact on household budgets.
Average Earlville Tax Bill
$4,983
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Earlville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60518 | $2,086 | $3,715 | $4,983 | $7,372 | $10,702 |
Source: Ownwell