Lake Marian, Illinois Property Taxes
The median property tax rate in Lake Marian, IL is 2.60%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lake Marian, the typical annual property tax bill reaches $1,022, exceeding the national median of $2,690. Property taxes in Lake Marian 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 Lake Marian'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 Lake Marian 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
Lake Marian, 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 Lake Marian Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Marian with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Marian to provide an estimate of 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 Lake Marian, Illinois
Property taxes in Lake Marian, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Marian is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Marian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Marian 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 Lake Marian's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in Illinois is found in a neighboring zip code, while another nearby zip code has the lowest median tax rate. Understanding how these cities compare with Lake Marian 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 Lake Marian Tax Rate
2.60%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Marian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Lake Marian, Illinois
In Lake Marian, 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 Lake Marian, 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 Lake Marian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Marian Assessed Value
$39,280
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 Lake Marian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Lake Marian, Illinois
In Lake Marian, Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the home’s market value. For example, if the median home price is $39,280, the assessed value will be a fraction of this amount, as determined by local guidelines. The local tax rate is then applied to the assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For homeowners, this means that changes in the market value of their homes or adjustments in local tax rates can directly impact their annual property tax bill. In Lake Marian, the tax bills vary widely, with the 25th percentile paying around $939, while those in the 75th percentile face bills of approximately $4,585. The highest 10% of tax bills can reach up to $4,670, reflecting the variability in property values and tax rates within the county.
Average Lake Marian Tax Bill
$1,022
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Marian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell