Wayne, Illinois Property Taxes
The median property tax rate in Wayne, IL is 2.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wayne at $561,826, the typical annual property tax bill reaches $15,275, exceeding the national median of $2,690. Property taxes in Wayne 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 Wayne'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 Wayne 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
Wayne, 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 Wayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayne 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 Wayne, Illinois
Property taxes in Wayne, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayne is 2.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayne 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 Wayne's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60184 zip code has the highest median property tax rate of 2.74%, while the same zip code also holds the lowest median tax rate of 2.74%. Understanding how these cities compare with Wayne 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 Wayne Tax Rate
2.74%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60184 | 2.56% | 2.65% | 2.74% | 2.77% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Wayne, Illinois
In Wayne, 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 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 Wayne, 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. Wayne has a median home price of $561,826, with the highest median tax bill in the 60184 zip code being $15,275. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayne Assessed Value
$561,826
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 Wayne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60184 | $362,684 | $462,272 | $561,826 | $715,312 | $1,053,506 |
Source: Ownwell
Property Tax Bills Across Wayne, Illinois
In Wayne, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the home's market value. For example, with a median home price of $561,826, the property tax bill can vary significantly. Various factors, such as property improvements, neighborhood changes, and market conditions, influence the assessed value. The tax rate is then applied to this assessed value to determine the final tax bill. In Wayne, homeowners experience a wide range in property tax bills. The 25th percentile tax bill is $12,346, while the 75th percentile reaches $19,739, and the 90th percentile can be as high as $28,473. These figures indicate that property taxes can substantially impact household budgets, especially compared to the national median property tax rate of 0.99%. Homeowners in Wayne need to be aware of these variables to anticipate their annual property tax obligations accurately.
Average Wayne Tax Bill
$15,275
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60184 | $9,330 | $12,346 | $15,275 | $19,739 | $28,473 |
Source: Ownwell