Palatine, Illinois Property Taxes
The median property tax rate in Palatine, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Palatine at $323,171, the typical annual property tax bill reaches $7,327, exceeding the national median of $2,690. Property taxes in Palatine 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 Palatine'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 Palatine 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
Palatine, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$7,562
$7,389
Ownwell’s Palatine Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Palatine. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Palatine to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is essential for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Palatine, Illinois
Property taxes in Palatine, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palatine is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Palatine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palatine 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 Palatine's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60067 zip code has the highest median property tax rate of 2.39%, while the 60074 zip code has the lowest median tax rate of 2.33%. Understanding how these areas compare with Palatine 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 Palatine Tax Rate
2.34%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palatine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60067 | 2.35% | 2.36% | 2.39% | 2.42% | 2.44% |
| 60074 | 2.09% | 2.24% | 2.33% | 2.40% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Palatine, Illinois
In Palatine, 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 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 Palatine, 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 here is $323,171, with tax bills ranging significantly. For example, the highest median tax bill is $7,327 in the 60074 zip code, while the lowest is $6,556 in the 60067 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palatine Assessed Value
$323,171
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 Palatine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60067 | $172,441 | $211,684 | $277,088 | $342,492 | $381,735 |
| 60074 | $221,991 | $264,390 | $323,171 | $409,595 | $487,792 |
Source: Ownwell
Property Tax Bills Across Palatine, Illinois
In Palatine, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the home's market value. Once the assessed value is established, local tax rates, including those for schools, municipal services, and other local needs, are applied to determine the total tax bill. Homeowners in Palatine experience a range of property tax bills. For instance, the tax bill at the 25th percentile is around $5,867, while at the 75th percentile, it reaches approximately $9,539. The 90th percentile tax bill can be as high as $11,449. The highest median tax bill in Palatine is $7,327 in the 60074 zip code, while the lowest median tax bill is $6,556 in the 60067 zip code. Comparatively, the national median property tax rate is 0.99%, making Palatine's property taxes relatively higher. These taxes significantly impact homeowners by influencing their overall housing costs and potentially affecting their decisions about buying or selling property.
Average Palatine Tax Bill
$7,327
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Palatine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60067 | $4,176 | $5,068 | $6,556 | $8,044 | $8,937 |
| 60074 | $4,934 | $5,964 | $7,327 | $9,610 | $11,510 |
Source: Ownwell