Virgil, Illinois Property Taxes
The median property tax rate in Virgil, IL is 2.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Virgil at $199,481, the typical annual property tax bill reaches $5,322, exceeding the national median of $2,690. Property taxes in Virgil 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 Virgil'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 Virgil 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
Virgil, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.76%
Estimate Property Tax Bill
$5,506
$5,380
Ownwell’s Virgil Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virgil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virgil 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 Virgil, Illinois
Property taxes in Virgil, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virgil is 2.76%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Virgil set these rates annually, and they can vary considerably across different neighborhoods. Each year, Virgil 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 Virgil's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60151 has the highest median property tax rate of 2.76%, while the same zip code also has the lowest median tax rate of 2.76%. Understanding how these cities compare with Virgil 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 Virgil Tax Rate
2.76%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virgil, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60151 | 2.65% | 2.72% | 2.76% | 2.94% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Virgil, Illinois
In Virgil, 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 Virgil, 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 Virgil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Virgil is 60151, with a median tax bill of $5,322.
Average Virgil Assessed Value
$199,481
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 Virgil, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60151 | $114,446 | $150,568 | $199,481 | $248,538 | $339,761 |
Source: Ownwell
Property Tax Bills Across Virgil, Illinois
In Virgil, IL, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, determined by the local assessor's office. Various factors influence this value, including the property's size, location, and condition. Homeowners in Virgil can expect a wide range of tax bills. For instance, the 25th percentile tax bill is around $4,102, while the 75th percentile reaches $7,330, and the 90th percentile goes up to $9,952. Compared to the national median property tax rate of 0.99%, the rates in Virgil can significantly impact homeowners, especially those with higher-valued properties. In Kane County, where Virgil is located, the highest and lowest median tax bills both stand at $5,322 in the 60151 zip code. These figures underscore the variability and potential financial burden of property taxes in the area, making it crucial for homeowners to understand how their tax bills are determined.
Average Virgil Tax Bill
$5,322
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Virgil, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60151 | $3,216 | $4,102 | $5,322 | $7,330 | $9,952 |
Source: Ownwell