Bull Valley, Illinois Property Taxes
The median property tax rate in Bull Valley, IL is 2.99%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bull Valley at $419,277, the typical annual property tax bill reaches $12,333, far exceeding the national median of $2,690. Property taxes in Bull Valley 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 Bull Valley'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 Bull Valley or another part of McHenry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bull Valley, 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 BULL VALLEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BULL VALLEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BULL VALLEY 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 Bull Valley, Illinois
Property taxes in Bull Valley, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bull Valley is 2.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bull Valley set these rates annually, and they can vary considerably across different neighborhoods. Each year, Bull Valley 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 Bull Valley's effective property tax rate to other areas in McHenry County and the national median. For comparison, the 60050 zip code has the highest median property tax rate of 3.04%, while the 60012 zip code has the lowest median tax rate of 2.75%. Understanding how these areas compare with Bull Valley 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 Bull Valley Tax Rate
2.99%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bull Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | 2.71% | 2.71% | 2.75% | 2.82% | 2.89% |
| 60050 | 2.87% | 2.94% | 3.04% | 3.07% | 3.18% |
| 60097 | 2.86% | 2.88% | 2.99% | 3.02% | 3.05% |
| 60098 | 2.80% | 2.91% | 2.98% | 3.06% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Bull Valley, Illinois
In Bull Valley, 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 McHenry 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. Assessment notices in Bull Valley 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 County is $12,673 in the 60098 zip code, while the lowest is $7,548 in the 60012 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bull Valley, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Bull Valley Assessed Value
$419,277
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bull Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | $110,104 | $180,292 | $274,586 | $355,475 | $401,536 |
| 60050 | $309,746 | $381,567 | $420,561 | $466,896 | $569,600 |
| 60097 | $334,906 | $361,304 | $388,020 | $424,407 | $475,525 |
| 60098 | $289,317 | $352,956 | $430,750 | $552,071 | $716,425 |
Source: Ownwell
Property Tax Bills Across Bull Valley, Illinois
In Bull Valley, McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in this area can expect property tax rates significantly higher than the national median of 0.99%. The assessed value is determined by the local assessor's office and reflects the market conditions and characteristics of the property. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For instance, the median home price in Bull Valley is $419,277, leading to substantial tax bills. The tax bill at the 25th percentile is $10,379, while at the 75th percentile, it reaches $15,498. The highest median tax bill in the area is $12,673 in the 60098 zip code, whereas the lowest is $7,548 in the 60012 zip code. These tax bills can substantially impact homeowners, often representing a significant portion of their annual expenses, making it crucial for them to understand how these taxes are calculated and managed.
Average Bull Valley Tax Bill
$12,333
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bull Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | $3,080 | $4,906 | $7,548 | $9,817 | $10,973 |
| 60050 | $6,791 | $11,095 | $12,528 | $14,157 | $17,225 |
| 60097 | $10,017 | $10,641 | $11,514 | $12,847 | $13,932 |
| 60098 | $7,944 | $10,173 | $12,673 | $16,916 | $23,549 |
Source: Ownwell