Burr Ridge, Illinois Property Taxes
The median property tax rate in Burr Ridge, IL is 1.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Burr Ridge, the typical annual property tax bill reaches $11,535, exceeding the national median of $2,690. Property taxes in Burr Ridge 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 Burr Ridge'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 Burr Ridge 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
Burr Ridge, 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 Burr Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burr Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burr Ridge 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 Burr Ridge, Illinois
Property taxes in Burr Ridge, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burr Ridge is 1.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Burr Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burr Ridge 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 Burr Ridge's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60527 zip code has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these areas compare with Burr Ridge provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burr Ridge Tax Rate
1.74%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burr Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60527 | 1.58% | 1.63% | 1.74% | 1.92% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Burr Ridge, Illinois
In Burr Ridge, 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 DuPage County Assessor 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 Burr Ridge, 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 Burr Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $11,535, found in zip code 60527, which is also the lowest median tax bill for the same zip code.
Average Burr Ridge Assessed Value
$664,050
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burr Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60527 | $242,856 | $430,905 | $664,050 | $949,080 | $1,258,602 |
Source: Ownwell
Property Tax Bills Across Burr Ridge, Illinois
In Burr Ridge, DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of the market value. The assessment rate is applied to determine the taxable value, and then the local tax rate is used to calculate the final tax bill. For instance, with a median home price of $664,050, homeowners can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $7,695, while those at the 75th percentile reach $17,363. For the top 10% of properties, tax bills can soar to $23,543. These figures highlight the substantial impact property taxes can have on homeowners in Burr Ridge, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area both stand at $11,535 in the 60527 zip code, emphasizing the uniformity in tax assessments within this locality.
Average Burr Ridge Tax Bill
$11,535
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Burr Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60527 | $4,326 | $7,695 | $11,535 | $17,363 | $23,543 |
Source: Ownwell