Chana, Illinois Property Taxes
The median property tax rate in Chana, IL is 2.59%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chana, the typical annual property tax bill reaches $3,754, exceeding the national median of $2,690. Property taxes in Chana are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chana'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 Chana 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
Chana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.59%
Estimate Property Tax Bill
$3,685
$3,601
Ownwell’s CHANA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CHANA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CHANA 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 Chana, Illinois
Property taxes in Chana, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Chana is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chana set these rates annually, and they can vary across different neighborhoods. Each year, Chana 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 Chana's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61015 has the highest median property tax rate of 2.59%, while the same zip code also has the lowest median tax rate of 2.59%. Understanding how these cities compare with Chana provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chana Tax Rate
2.59%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61015 | 1.96% | 2.33% | 2.59% | 2.91% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Chana, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chana, 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 Ogle County Appraisal District 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 Chana, 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 Chana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ogle County are both $3,754, found in the zip code 61015.
Average Chana Assessed Value
$142,278
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61015 | $29,022 | $76,046 | $142,278 | $199,722 | $254,867 |
Source: Ownwell
Property Tax Bills Across Chana, Illinois
In CHANA, located in Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in CHANA is $142,278. Local tax authorities then apply the tax rate to this assessed value to determine the tax bill. Several factors influence this calculation, including property characteristics, local budget needs, and school district funding requirements. Homeowners in CHANA can expect their property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $2,171, while those in the 75th percentile pay around $5,573, and at the 90th percentile, the tax bill can reach up to $7,249. This variability can impact homeowners differently, depending on their property's assessed value and the specific tax rate applied by local authorities. Compared to the national median property tax rate of 0.99%, CHANA's rates reflect the community's unique financial needs and priorities.
Average Chana Tax Bill
$3,754
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61015 | $1,260 | $2,171 | $3,754 | $5,573 | $7,249 |
Source: Ownwell