Huntley, Illinois Property Taxes
The median property tax rate in Huntley, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Huntley at $270,996, the typical annual property tax bill reaches $6,152, exceeding the national median of $2,690. Property taxes in Huntley 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 Huntley'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 Huntley 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
Huntley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$6,341
$6,196
Ownwell’s Huntley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Huntley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Huntley 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 Huntley, Illinois
Property taxes in Huntley, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Huntley is 2.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Huntley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Huntley 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 Huntley's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60142 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Huntley 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 Huntley Tax Rate
2.34%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Huntley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60142 | 1.43% | 2.19% | 2.34% | 2.43% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Huntley, Illinois
In Huntley, 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 Assessment 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. In Huntley, 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 Huntley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Huntley is $270,996, with annual tax bills ranging from $4,772 at the 25th percentile to $9,819 at the 90th percentile. Notably, the highest and lowest median tax bills are both $6,152, found in zip code 60142.
Average Huntley Assessed Value
$270,996
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 Huntley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60142 | $186,592 | $227,770 | $270,996 | $333,748 | $403,920 |
Source: Ownwell
Property Tax Bills Across Huntley, Illinois
In Huntley, Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. Various factors contribute to the final tax bill, including the local tax rate, which is applied to the assessed value, and any applicable exemptions or deductions that homeowners might qualify for. For instance, with a median home price of $270,996, homeowners in Huntley can expect to pay a significant property tax bill. The 25th percentile tax bill is around $4,772, while the 75th percentile tax bill reaches approximately $7,927. At the 90th percentile, the tax bill can be as high as $9,819. This is notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Such substantial tax bills can significantly impact homeowners' annual expenses, making it crucial for them to understand and manage their property taxes effectively.
Average Huntley Tax Bill
$6,152
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Huntley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60142 | $3,440 | $4,772 | $6,152 | $7,927 | $9,819 |
Source: Ownwell