Itasca, Illinois Property Taxes
The median property tax rate in Itasca, IL is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Itasca, the typical annual property tax bill reaches $7,167, exceeding the national median of $2,690. Property taxes in Itasca 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 Itasca'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 Itasca 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
Itasca, 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 Itasca Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Itasca. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Itasca to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, making financial planning easier. For those interested in more detailed insights, localized information on neighborhood trends is available below. Your property’s assessed value, determined by DuPage County, is used for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Itasca, Illinois
Property taxes in Itasca, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Itasca is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Itasca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Itasca 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 Itasca's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60143 has both the highest and lowest median property tax rate of 2.22%. Understanding how these figures compare with Itasca 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 Itasca Tax Rate
2.22%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Itasca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60143 | 1.95% | 2.07% | 2.22% | 2.27% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Itasca, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Itasca, Illinois. 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 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 Itasca, 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 Itasca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Itasca is $7,167, with the highest median tax bill also at $7,167 in the 60143 zip code.
Average Itasca Assessed Value
$334,290
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 Itasca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60143 | $160,506 | $273,000 | $334,290 | $437,745 | $591,480 |
Source: Ownwell
Property Tax Bills Across Itasca, Illinois
In Itasca, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is a fraction of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. The median home price in Itasca is $334,290, which contributes to the overall tax liability. Homeowners in Itasca face a range of property tax bills. At the 25th percentile, the tax bill is $5,711, while at the 75th percentile, it rises to $9,550. For those at the 90th percentile, the tax bill can reach as high as $13,470. The highest median tax bill in the area is $7,167, and this figure applies uniformly across the zip code 60143. Compared to the national median property tax rate of 0.99%, homeowners in Itasca may find their property tax burdens to be relatively high, impacting their overall cost of living and financial planning.
Average Itasca Tax Bill
$7,167
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Itasca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60143 | $2,863 | $5,711 | $7,167 | $9,550 | $13,470 |
Source: Ownwell