Sun River Terrace, Illinois Property Taxes
The median property tax rate in Sun River Terrace, IL is 2.73%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With a median home value of $63,702 in Sun River Terrace, the typical annual property tax bill amounts to $1,739, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Sun River Terrace's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in Sun River Terrace or another part of Kankakee County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sun River Terrace, 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 Sun River Terrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sun River Terrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sun River Terrace 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 Sun River Terrace, Illinois
Property taxes in Sun River Terrace, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sun River Terrace is 2.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sun River Terrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sun River Terrace 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 Sun River Terrace's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60964 zip code has the highest median property tax rate of 2.73%, while the 60964 zip code also has the lowest median tax rate of 2.73%. Understanding how these areas compare with Sun River Terrace provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sun River Terrace Tax Rate
2.73%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sun River Terrace, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60964 | 2.73% | 2.73% | 2.73% | 2.73% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Sun River Terrace, Illinois
In Sun River Terrace, 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 Kankakee 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 Sun River Terrace, 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 Sun River Terrace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60964 has the highest median tax bill at $1,739, reflecting the area's property tax dynamics.
Property Tax Assessment Values Across Sun River Terrace, Illinois
Source: Ownwell
$34,078
$116,247
$198,416
Average Sun River Terrace Assessed Value
$63,702
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sun River Terrace, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60964 | $34,378 | $50,115 | $63,702 | $64,995 | $71,290 |
Source: Ownwell
Property Tax Bills Across Sun River Terrace, Illinois
Property tax bills in Sun River Terrace, located in Kankakee County, IL, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. Several factors influence this calculation, including the property's location, size, and improvements. In Kankakee County, homeowners face a median property tax rate that significantly impacts their annual expenses. For instance, with a median home price of $63,702, the tax bill can range widely. The 25th percentile tax bill stands at $1,368, while the 75th percentile reaches $1,774, and the 90th percentile peaks at $1,946. These figures highlight the variability in tax burdens, influenced by the property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, homeowners in Sun River Terrace may find their tax bills to be a substantial part of their annual financial obligations.
Average Sun River Terrace Tax Bill
$1,739
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sun River Terrace, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60964 | $1,045 | $1,368 | $1,739 | $1,774 | $1,946 |
Source: Ownwell