Essex, Illinois Property Taxes
The median property tax rate in Essex, IL is 1.67%, higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $151,644 in Essex, the typical annual property tax bill reaches $2,539, which is below the national median of $2,690. Property taxes in Essex are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Essex'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 Essex 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
Essex, 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 Essex Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Essex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Essex 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 Essex, Illinois
Property taxes in Essex, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essex is 1.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Essex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essex 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 Essex's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60935 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Essex provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essex Tax Rate
1.67%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essex, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60935 | 1.59% | 1.62% | 1.67% | 1.79% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Essex, Illinois
In Essex, 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 Will 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. Assessment notices in Essex 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 Essex helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60935 has both the highest and lowest median tax bill at $2,539, providing a benchmark for property owners in the area.
Average Essex Assessed Value
$151,644
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essex, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60935 | $114,550 | $128,460 | $151,644 | $156,850 | $159,974 |
Source: Ownwell
Property Tax Bills Across Essex, Illinois
In Essex, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Essex experience a range of tax bills, influenced by various factors including the home's location, size, and condition. The median home price in Essex is $151,644, and the property tax rate is applied to the assessed value to determine the final tax bill. For instance, homeowners at the 25th percentile pay around $2,098, while those at the 75th percentile see bills closer to $2,808. At the 90th percentile, tax bills can reach up to $2,970. These figures highlight how property taxes can vary significantly even within the same city. The property tax rate in Essex is higher than the national median rate of 0.99%, which can have a notable impact on homeowners, potentially influencing their financial planning and property investment decisions. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Essex Tax Bill
$2,539
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Essex, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60935 | $1,834 | $2,098 | $2,539 | $2,808 | $2,970 |
Source: Ownwell