Verona, Illinois Property Taxes
The median property tax rate in Verona, IL is 3.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Verona, the typical annual property tax bill reaches $4,377, exceeding the national median of $2,690. Property taxes in Verona 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 Verona'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 Verona 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
Verona, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$4,194
$4,100
Ownwell’s Verona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona 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 Verona, Illinois
Property taxes in Verona, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 3.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60479 zip code has the highest median property tax rate of 3.20%, while the 60479 zip code also has the lowest median tax rate of 3.20%. Understanding how these cities compare with Verona provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
3.20%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60479 | 2.37% | 2.87% | 3.20% | 3.43% | 3.80% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Illinois
In Verona, 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 Grundy 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60479 at $4,377, while the lowest median tax bill is also 60479 at $4,377.
Average Verona Assessed Value
$131,076
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60479 | $18,463 | $58,449 | $131,076 | $212,268 | $291,104 |
Source: Ownwell
Property Tax Bills Across Verona, Illinois
In Verona, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, and local tax authorities apply this rate to determine the annual tax bill. For instance, if the median home price in Verona is $131,076, the tax rate is applied to this value to calculate the tax bill. Factors like property improvements, neighborhood developments, and changes in the local tax rate can also influence the assessed value and, consequently, the tax bill. Homeowners in Verona experience a range of property tax bills. The 25th percentile tax bill is around $1,920, while the 75th percentile reaches approximately $7,000. At the 90th percentile, homeowners might see tax bills as high as $9,530. This variability can significantly impact household budgets, making it crucial for homeowners to stay informed about their property's assessed value and any changes in local tax rates. Compared to the national median property tax rate of 0.99%, Verona's rates reflect the local economic conditions and funding needs.
Average Verona Tax Bill
$4,377
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60479 | $773 | $1,920 | $4,377 | $7,000 | $9,530 |
Source: Ownwell