Kings, Illinois Property Taxes
The median property tax rate in Kings, Illinois 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 Kings, the typical annual property tax bill reaches $3,515, exceeding the national median of $2,690. Property taxes in Kings 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 Kings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Kings 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
Kings, 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 Kings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kings 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 Kings, Illinois
Property taxes in Kings, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kings is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kings 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 Kings' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61068 zip code 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 Kings 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 Kings 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 Kings, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61068 | 2.02% | 2.42% | 2.59% | 2.80% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Kings, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kings, 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 Kings, 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. The median home price in Kings is $131,358, with tax bills ranging from $2,466 at the 25th percentile to $6,498 at the 90th percentile. The highest and lowest median tax bills are both $3,515 in the 61068 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kings Assessed Value
$131,358
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 Kings, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61068 | $71,163 | $99,922 | $131,358 | $201,304 | $237,186 |
Source: Ownwell
Property Tax Bills Across Kings, Illinois
In Kings, located within Ogle County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Kings stands at $131,358. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the final amount, including property characteristics, local tax levies, and applicable exemptions. Homeowners in Kings can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $2,466, while those in the 75th percentile face bills around $5,374. At the higher end, the 90th percentile tax bill reaches $6,498. These rates can be compared to the national median property tax rate of 0.99%, highlighting the variability within the region. The highest and lowest median tax bills in the area are both $3,515, found in zip code 61068. This range of tax bills impacts homeowners' budgets, influencing decisions on purchasing and maintaining properties.
Average Kings Tax Bill
$3,515
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kings, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61068 | $1,548 | $2,466 | $3,515 | $5,374 | $6,498 |
Source: Ownwell