Lafox, Illinois Property Taxes
The median property tax rate in Lafox, 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 Lafox, the typical annual property tax bill reaches $6,983, far exceeding the national median of $2,690. Property taxes in Lafox 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 Lafox'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 Lafox or another part of Kane County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafox, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$6,696
$6,543
Ownwell’s LAFOX Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAFOX with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAFOX 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 Lafox, Illinois
Property taxes in Lafox, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafox is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lafox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafox 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 Lafox's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60147 zip code has the highest median property tax rate of 2.44%, while the same 60147 zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Lafox 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 Lafox 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 Lafox, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60147 | 2.26% | 2.35% | 2.44% | 2.64% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Lafox, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lafox, 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 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 Lafox, 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 Lafox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60147, with a median tax bill of $6,983.
Average Lafox Assessed Value
$274,428
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 Lafox, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60147 | $175,179 | $223,317 | $274,428 | $369,754 | $430,606 |
Source: Ownwell
Property Tax Bills Across Lafox, Illinois
In Lafox, located in Kane County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value typically represents a percentage of the market value, which is then multiplied by the tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Lafox face a variety of tax bills. The 25th percentile tax bill is approximately $5,310, while the 75th percentile reaches $9,186. For those in the 90th percentile, tax bills can be as high as $11,095. Compared to the national median property tax rate of 0.99%, these figures highlight the significant impact property taxes can have on household budgets in this area. Understanding how these factors interplay is crucial for homeowners, as property taxes directly affect monthly expenses and long-term financial planning. Staying informed about local tax rates and assessed values can help homeowners anticipate and manage their property tax obligations effectively.
Average Lafox Tax Bill
$6,983
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafox, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60147 | $4,069 | $5,310 | $6,983 | $9,186 | $11,095 |
Source: Ownwell