Mchenry, Illinois Property Taxes
The median property tax rate in McHenry, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in McHenry at $221,755, the typical annual property tax bill reaches $5,489, exceeding the national median of $2,690. Property taxes in McHenry 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 McHenry'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 McHenry 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
Mchenry, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$6,010
$5,872
Ownwell’s McHenry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McHenry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McHenry 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 Mchenry, Illinois
Property taxes in McHenry, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McHenry is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within McHenry set these rates annually, and they can vary significantly across different neighborhoods. Each year, McHenry 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 McHenry's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60050 zip code has the highest median property tax rate of 2.79%, while the 60051 zip code has the lowest median tax rate of 2.68%. Understanding how these cities compare with McHenry provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mchenry Tax Rate
2.71%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mchenry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60050 | 2.27% | 2.66% | 2.79% | 2.94% | 3.03% |
| 60051 | 1.99% | 2.53% | 2.68% | 2.82% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Mchenry, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McHenry, 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 McHenry County Assessor's 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. Assessment notices in McHenry 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. For example, the highest median tax bill in McHenry is $6,592 in the 60050 zip code, while the lowest is $5,186 in the 60051 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mchenry Assessed Value
$221,755
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mchenry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60050 | $153,954 | $193,500 | $238,599 | $297,615 | $338,801 |
| 60051 | $94,996 | $161,397 | $213,690 | $296,616 | $365,000 |
Source: Ownwell
Property Tax Bills Across Mchenry, Illinois
In McHenry, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as the home's location within the county, its size, and its condition can influence its assessed value. For example, in McHenry, the median home price is $221,755. Homeowners in the 25th percentile can expect to pay around $4,246 annually, while those in the 75th percentile may see bills as high as $7,792. The top 10% of tax bills can reach up to $9,618. The highest median tax bill within McHenry is $6,592 in the 60050 zip code, whereas the lowest is $5,186 in the 60051 zip code. These property taxes are significantly higher than the national median rate of 0.99%, impacting homeowners by increasing their annual financial obligations and potentially affecting their overall cost of living.
Average Mchenry Tax Bill
$5,489
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mchenry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60050 | $3,172 | $5,041 | $6,592 | $8,454 | $9,537 |
| 60051 | $1,713 | $4,203 | $5,186 | $7,439 | $9,667 |
Source: Ownwell