Dundee, Illinois Property Taxes
The median property tax rate in Dundee, IL is 2.44%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Dundee at $360,954, the typical annual property tax bill reaches $9,316, far exceeding the national median of $2,690. Property taxes in Dundee 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 Dundee'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 Dundee 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
Dundee, 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 Dundee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dundee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dundee 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 Dundee, Illinois
Property taxes in Dundee, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dundee is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Dundee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dundee 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 Dundee's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60118 has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Dundee 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 Dundee Tax Rate
2.44%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dundee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60118 | 2.21% | 2.34% | 2.44% | 2.71% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Dundee, Illinois
In Dundee, Illinois, understanding the distinction 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 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 Dundee, 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 Dundee is $360,954. The median property tax bill ranges from $7,102 at the 25th percentile to $12,293 at the 90th percentile. The highest and lowest median tax bills are both $9,316 in the 60118 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dundee Assessed Value
$360,954
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 Dundee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60118 | $188,655 | $305,063 | $360,954 | $417,494 | $504,030 |
Source: Ownwell
Property Tax Bills Across Dundee, Illinois
In Dundee, located in Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Dundee is $360,954. Property taxes are influenced by the local tax rate and the specific needs of the community, such as funding for schools, infrastructure, and public services. The tax bill can vary significantly, with the 25th percentile at $7,102 and the 75th percentile reaching $10,739. For those in the 90th percentile, tax bills can be as high as $12,293. The highest and lowest median tax bills in Dundee both stand at $9,316, located in the 60118 zip code. Compared to the national median property tax rate of 0.99%, Dundee's rates can be considerably higher, impacting homeowners by increasing their annual expenses. This makes understanding and managing property taxes crucial for homeowners in the area to ensure they are not overpaying.
Average Dundee Tax Bill
$9,316
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Dundee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60118 | $4,075 | $7,102 | $9,316 | $10,739 | $12,293 |
Source: Ownwell