Aurora, Illinois Property Taxes
The median property tax rate in Aurora, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Aurora at $177,898, the typical annual property tax bill reaches $4,305, exceeding the national median of $2,690. Property taxes in Aurora 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 Aurora'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 Aurora 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
Aurora, 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 Aurora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aurora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aurora 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 Kane County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Aurora, Illinois
Property taxes in Aurora, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aurora is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Aurora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aurora 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 Aurora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60502 zip code has the highest median property tax rate of 2.80%, while the 60503 zip code has the lowest median tax rate of 2.02%. Understanding how these cities compare with Aurora provides valuable insights into the varying tax landscape across Kane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aurora Tax Rate
2.53%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60502 | 2.12% | 2.31% | 2.80% | 3.05% | 3.08% |
| 60503 | 2.02% | 2.02% | 2.02% | 2.02% | 2.02% |
| 60504 | 2.19% | 2.27% | 2.34% | 2.53% | 2.53% |
| 60505 | 1.70% | 2.04% | 2.23% | 2.53% | 2.53% |
| 60506 | 2.25% | 2.55% | 2.68% | 2.78% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Aurora, Illinois
In Aurora, 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 Kane County Assessor's Office 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. Assessment notices in Aurora 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. The highest median tax bill in Aurora is $8,768 in the 60502 zip code, while the lowest is $3,136 in the 60505 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Aurora Assessed Value
$177,898
Average Kane County Assessed Value
$253,745
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60502 | $232,833 | $276,510 | $347,551 | $392,464 | $438,723 |
| 60503 | $191,005 | $191,005 | $191,005 | $191,005 | $191,005 |
| 60504 | $150,627 | $172,632 | $208,475 | $250,303 | $273,682 |
| 60505 | $96,041 | $115,855 | $142,312 | $178,540 | $228,016 |
| 60506 | $129,908 | $164,445 | $204,094 | $259,295 | $308,817 |
Source: Ownwell
Property Tax Bills Across Aurora, Illinois
In Aurora, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by local assessors. For homeowners in Aurora, the median home price is $177,898. The property tax rate in this region is higher than the national median of 0.99%, resulting in substantial tax bills. Tax bills can vary significantly within Aurora. For instance, the 25th percentile tax bill is around $3,011, while the 75th percentile tax bill reaches $6,001. The 90th percentile tax bill can be as high as $8,155. The highest median tax bill in Aurora is $8,768 in the 60502 zip code, while the lowest is $3,136 in the 60505 zip code. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their ability to buy or maintain a home. Understanding how these factors interplay helps residents anticipate and manage their annual property tax expenses.
Average Aurora Tax Bill
$4,305
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60502 | $4,932 | $7,021 | $8,768 | $11,059 | $13,454 |
| 60503 | $3,856 | $3,856 | $3,856 | $3,856 | $3,856 |
| 60504 | $3,480 | $3,954 | $4,850 | $5,948 | $7,426 |
| 60505 | $1,761 | $2,405 | $3,136 | $4,012 | $5,152 |
| 60506 | $2,897 | $4,165 | $5,320 | $6,922 | $8,601 |
Source: Ownwell