Compton, Illinois Property Taxes
The median property tax rate in Compton, IL is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Compton at $569,517, the typical annual property tax bill reaches $13,501, far exceeding the national median of $2,690. Property taxes in Compton 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 Compton'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 Compton 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
Compton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$13,498
$13,189
Ownwell’s Compton Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Compton using just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Compton to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, giving you a clearer financial picture. If you're curious about neighborhood-level trends, scroll down for more localized information. Your property’s assessed value is the value assigned by Kane County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Compton, Illinois
Property taxes in Compton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Compton is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Compton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Compton 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 Compton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61318 zip code has both the highest and lowest median property tax rate of 2.37%. Understanding how these areas compare with Compton 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 Compton Tax Rate
2.37%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Compton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61318 | 2.37% | 2.37% | 2.37% | 2.37% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Compton, Illinois
In Compton, 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 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 Compton, 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 Compton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Compton are both $13,501, found in zip code 61318.
Average Compton Assessed Value
$569,517
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 Compton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61318 | $569,517 | $569,517 | $569,517 | $569,517 | $569,517 |
Source: Ownwell
Property Tax Bills Across Compton, Illinois
Property tax bills in Compton, Kane County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Compton is $569,517. Local tax rates are then applied to this assessed value to determine the annual tax bill. In Compton, the median property tax bill stands at $13,501, which is significantly higher than the national median property tax rate of 0.99%. This high tax rate can be attributed to various local factors, including funding requirements for public services such as schools, infrastructure, and emergency services. Homeowners in Compton should be aware that their property tax bills can significantly impact their overall cost of homeownership. With tax bills ranging at the 25th, 75th, and 90th percentiles all at $13,501, it’s clear that property taxes are a substantial financial consideration for residents. Understanding how these taxes are calculated can help homeowners better plan their finances and potentially seek exemptions or appeals to reduce their tax burden.
Average Compton Tax Bill
$13,501
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Compton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61318 | $13,501 | $13,501 | $13,501 | $13,501 | $13,501 |
Source: Ownwell