Barrington, Illinois Property Taxes
The median property tax rate in Barrington, IL is 2.78%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Barrington at $588,796, the typical annual property tax bill reaches $16,228, far exceeding the national median of $2,690. Property taxes in Barrington are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Barrington'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 Barrington 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
Barrington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$16,369
$15,995
Ownwell’s Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrington 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 Barrington, Illinois
Property taxes in Barrington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrington is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barrington set these rates annually, and they can vary across different neighborhoods. Each year, Barrington 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. For comparison, the highest and lowest median property tax rates in Barrington are both at 2.78%, illustrating a consistent tax landscape within the area. Understanding how Barrington's tax rate compares with other regions provides valuable insights into the varying tax landscape across Kane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barrington Tax Rate
2.78%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.71% | 2.73% | 2.78% | 2.82% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Barrington, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barrington, 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 Kane 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 Barrington, 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 Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Barrington is $588,796, with the median tax bill ranging from $14,441 at the 25th percentile to $20,504 at the 90th percentile. The zip code with the highest and lowest median tax bill is 60010, both at $16,228.
Average Barrington Assessed Value
$588,796
Average Kane County Assessed Value
$253,745
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $389,813 | $513,504 | $588,796 | $657,707 | $728,151 |
Source: Ownwell
Property Tax Bills Across Barrington, Illinois
In Barrington, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For instance, median home prices in Barrington are around $588,796, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile might see tax bills around $14,441, while those in the 75th percentile could face bills closer to $18,396. At the 90th percentile, tax bills can reach approximately $20,504. The property tax rate in Barrington is higher than the national median property tax rate of 0.99%, reflecting the locality's specific funding needs for public services and infrastructure. This higher rate can significantly impact homeowners, making it crucial for them to understand how their tax bills are determined and budget accordingly.
Average Barrington Tax Bill
$16,228
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $10,541 | $14,441 | $16,228 | $18,396 | $20,504 |
Source: Ownwell