North Barrington, Illinois Property Taxes
The median property tax rate in North Barrington, IL is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in North Barrington at $599,673, the typical annual property tax bill reaches $14,839, exceeding the national median of $2,690. Property taxes in North Barrington 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 North Barrington'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 North Barrington 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
North Barrington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$13,972
$13,653
Ownwell’s North Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Barrington 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 North Barrington, Illinois
Property taxes in North Barrington, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Barrington is 2.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Barrington set these rates annually, and they can vary across different neighborhoods. Each year, North Barrington 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 North Barrington's effective property tax rate to other areas and the national median. For comparison, the zip code 60010 has the highest median property tax rate of 2.33%, which is the same as the lowest median tax rate within the same zip code. Understanding how these areas compare with North Barrington provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Barrington Tax Rate
2.33%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.21% | 2.28% | 2.33% | 2.56% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across North Barrington, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Barrington, 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 Lake 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 North Barrington, 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. The median home price in North Barrington is approximately $599,673. The tax bill at the 25th percentile is $10,403, while at the 75th percentile, it is $19,655. Both the highest and lowest median tax bills in the area are $14,839, specifically in the 60010 zip code. 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 North Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Barrington, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average North Barrington Assessed Value
$599,673
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 North Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $338,721 | $458,312 | $599,673 | $787,630 | $944,404 |
Source: Ownwell
Property Tax Bills Across North Barrington, Illinois
In North Barrington, Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. Local tax assessors determine this assessed value, and it is then multiplied by the local tax rate to calculate the annual property tax bill. Various factors influence this assessment, including the home's size, location, and condition. For homeowners in North Barrington, the median home price stands at $599,673. Property tax bills vary significantly, with those in the 25th percentile paying around $10,403 annually, while those in the 75th percentile face bills of up to $19,655. The highest median tax bill recorded in the area is $14,839, which is notably higher than the national median property tax rate of 0.99%. This substantial variation in tax bills can significantly impact homeowners' finances, making it crucial for them to understand how their property is assessed and what they might owe each year.
Average North Barrington Tax Bill
$14,839
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across North Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $7,455 | $10,403 | $14,839 | $19,655 | $23,594 |
Source: Ownwell