Schaumburg, Illinois Property Taxes
The median property tax rate in Schaumburg, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Schaumburg at $258,215, the typical annual property tax bill reaches $5,152, exceeding the national median of $2,690. Property taxes in Schaumburg 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 Schaumburg'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 Schaumburg 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
Schaumburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$5,293
$5,172
$1,148
Average Schaumburg, Illinois Tax Savings
Ownwell’s Schaumburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schaumburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schaumburg to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Schaumburg. 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 Schaumburg, Illinois
Property taxes in Schaumburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Schaumburg is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Schaumburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schaumburg 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 Schaumburg's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60173 zip code has the highest median property tax rate of 2.17%, while the 60195 zip code has the lowest median tax rate of 1.99%. Understanding how these areas compare with Schaumburg provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Schaumburg Tax Rate
2.05%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schaumburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60173 | 1.51% | 1.90% | 2.17% | 2.43% | 2.61% |
| 60193 | 1.40% | 1.80% | 2.05% | 2.31% | 2.48% |
| 60194 | 1.44% | 1.79% | 2.04% | 2.31% | 2.47% |
| 60195 | 0.98% | 1.57% | 1.99% | 2.40% | 3.13% |
Source: Ownwell
$1,148
Average Schaumburg Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Schaumburg, Illinois
In Schaumburg, 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 Cook County Assessor's Office 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 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 Schaumburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Schaumburg, the highest median tax bill is $5,565 in zip code 60173, while the lowest median tax bill is $3,066 in zip code 60195.
Average Schaumburg Assessed Value
$258,215
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Schaumburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60173 | $109,640 | $140,600 | $269,975 | $463,068 | $598,420 |
| 60193 | $154,890 | $188,060 | $270,010 | $348,430 | $410,010 |
| 60194 | $157,160 | $182,650 | $223,020 | $330,000 | $380,000 |
| 60195 | $109,410 | $123,320 | $161,590 | $330,000 | $399,680 |
Source: Ownwell
$1,148
Average Schaumburg Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Schaumburg, Illinois
Property tax bills in Schaumburg, Cook County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, such as property size, location, and market conditions, influence the assessed value. For instance, the median home price in Schaumburg is $258,215, leading to a range of tax bills from $3,451 at the 25th percentile to $9,033 at the 90th percentile. Notably, the highest median tax bill in the area is $5,565 in the 60173 zip code, while the lowest is $3,066 in the 60195 zip code. Homeowners often find these taxes burdensome, but Ownwell can help by offering property tax appeal and exemption services. By thoroughly analyzing your property’s assessed value and market conditions, Ownwell can identify discrepancies and file appeals to potentially lower your tax bill, ensuring you pay only what’s fair.
Average Schaumburg Tax Bill
$5,152
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Schaumburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60173 | $2,158 | $3,168 | $5,565 | $10,417 | $13,395 |
| 60193 | $2,448 | $3,682 | $5,400 | $7,098 | $8,909 |
| 60194 | $2,610 | $3,499 | $4,685 | $6,604 | $8,275 |
| 60195 | $1,657 | $2,159 | $3,066 | $6,080 | $8,714 |
Source: Ownwell
$1,148
Average Schaumburg Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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