Eola, Illinois Property Taxes
The median property tax rate in Eola, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Eola at $72,210, the typical annual property tax bill reaches $1,758, significantly lower than the national median of $2,690. Property taxes in Eola 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 Eola'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 Eola 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
Eola, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$1,495
$1,461
Ownwell’s Eola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eola 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 DuPage County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Eola, Illinois
Property taxes in Eola, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eola is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eola 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 Eola's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60519 zip code has the highest median property tax rate of 2.07%, while the 60519 zip code also has the lowest median tax rate of 2.07%. Understanding how these cities compare with Eola provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eola Tax Rate
2.07%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60519 | 1.78% | 1.87% | 2.07% | 2.07% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Eola, Illinois
In Eola, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 DuPage County Appraisal District 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 Eola, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Eola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Eola is $72,210, with the 25th percentile tax bill at $598 and the 75th percentile tax bill at $3,654. The highest median tax bill is $1,758 in zip code 60519, which also has the lowest median tax bill at $1,758.
Average Eola Assessed Value
$72,210
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60519 | $23,688 | $26,520 | $72,210 | $191,745 | $265,032 |
Source: Ownwell
Property Tax Bills Across Eola, Illinois
In Eola, located in DuPage County, IL, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This assessed value is a percentage of the market value of the property. The property tax rate in Eola is influenced by various factors including local government budgets, school districts, and public services. Homeowners in Eola experience a range of property tax bills, with the 25th percentile at $598 and the 75th percentile reaching $3,654. For those in the 90th percentile, the tax bill can be as high as $5,473. The median home price in Eola is $72,210, and with a median property tax rate of 0.99% nationwide, homeowners in Eola may find their tax bills relatively moderate. However, the highest and lowest median tax bills in the zip code 60519 are both recorded at $1,758, indicating some consistency in tax assessments within that area. These tax obligations significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Eola Tax Bill
$1,758
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60519 | $548 | $598 | $1,758 | $3,654 | $5,473 |
Source: Ownwell