Zion, Illinois Property Taxes
The median property tax rate in Zion, IL is 4.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Zion at $142,491, the typical annual property tax bill reaches $5,703, exceeding the national median of $2,690. Property taxes in Zion 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 Zion'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 Zion 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
Zion, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.03%
Estimate Property Tax Bill
$5,742
$5,611
Ownwell’s Zion Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Zion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Zion to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in neighborhood-level trends, scroll down to discover more localized insights. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Zion, Illinois
Property taxes in Zion, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Zion is 4.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Zion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Zion 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 Zion's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60099 zip code has the highest median property tax rate of 4.03%, while the same zip code also has the lowest median tax rate of 4.03%. Understanding how these cities compare with Zion 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 Zion Tax Rate
4.03%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Zion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60099 | 2.92% | 3.73% | 4.03% | 4.46% | 4.76% |
Source: Ownwell
Property Tax Assessment Values Across Zion, Illinois
In Zion, 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 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 Zion, 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 Zion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Zion is $142,491, with the highest median tax bill recorded at $5,703 in the 60099 zip code.
Average Zion Assessed Value
$142,491
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 Zion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60099 | $93,219 | $113,434 | $142,491 | $190,444 | $227,912 |
Source: Ownwell
Property Tax Bills Across Zion, Illinois
In Zion, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. Homeowners in Zion experience a median property tax bill of $5,703, which is significantly higher than the national median of 0.99%. Several factors influence the tax bill, including the property's assessed value, local government budgets, and public service funding needs. For example, a home with a median value of $142,491 might see a tax bill ranging from $4,331 at the 25th percentile to $9,050 at the 90th percentile. This variability reflects differences in property values and local tax rates within the city. High property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and financial planning. Understanding how these taxes are calculated can help residents better manage their expenses and anticipate changes in their annual tax obligations.
Average Zion Tax Bill
$5,703
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Zion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60099 | $2,974 | $4,331 | $5,703 | $7,463 | $9,050 |
Source: Ownwell