Big Rock, Illinois Property Taxes
The median property tax rate in Big Rock, IL is 2.41%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Big Rock at $302,934, the typical annual property tax bill reaches $6,558, exceeding the national median of $2,690. Property taxes in Big Rock 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 Big Rock'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 Big Rock or another part of DeKalb County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Rock, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$7,301
$7,134
Ownwell’s Big Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Rock 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 Big Rock, Illinois
Property taxes in Big Rock, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Rock is 2.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Big Rock set these rates annually, and they can vary across different neighborhoods. Each year, Big Rock 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 Big Rock's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60511 has the highest median property tax rate of 2.41%, while the lowest median tax rate is also 2.41%. Understanding how these cities compare with Big Rock provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Rock Tax Rate
2.41%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60511 | 1.98% | 2.33% | 2.41% | 2.63% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Big Rock, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Big Rock, 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 local 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 Big Rock, 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 Big Rock is $302,934, with the 25th percentile tax bill at $6,073 and the 75th percentile at $8,530. The highest and lowest median tax bills are both $6,558, found in zip code 60511. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Rock Assessed Value
$302,934
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60511 | $234,769 | $273,687 | $302,934 | $337,134 | $439,709 |
Source: Ownwell
Property Tax Bills Across Big Rock, Illinois
In Big Rock, located in DeKalb County, IL, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local assessor’s office and is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Big Rock experience varying tax bills depending on these factors. For instance, the median home price in the area is $302,934, and the property tax bill can range significantly. At the 25th percentile, homeowners might pay around $6,073, while those at the 75th percentile could see bills as high as $8,530. Comparatively, the highest median tax bill in DeKalb County is $6,558, which is considerably higher than the national median property tax rate of 0.99%. These property tax bills can significantly impact homeowners' finances, highlighting the importance of understanding how taxes are calculated and managed in Big Rock.
Average Big Rock Tax Bill
$6,558
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60511 | $5,368 | $6,073 | $6,558 | $8,530 | $11,713 |
Source: Ownwell