Barrington Hills, Illinois Property Taxes
The median property tax rate in Barrington Hills, IL is 2.80%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Barrington Hills at $576,104, the typical annual property tax bill reaches $15,768, exceeding the national median of $2,690. Property taxes in Barrington Hills 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 Barrington Hills' 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 Hills 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 Hills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$16,131
$15,762
Ownwell’s Barrington Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrington Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrington Hills 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 Hills, Illinois
Property taxes in Barrington Hills, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrington Hills is 2.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barrington Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barrington Hills 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 Barrington Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60010 zip code has the highest median property tax rate of 2.80%, while the 60010 zip code also has the lowest median tax rate of 2.80%. Understanding how these cities compare with Barrington Hills 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 Hills Tax Rate
2.80%
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 Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.70% | 2.75% | 2.80% | 2.82% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Barrington Hills, Illinois
In Barrington Hills, 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 Kane 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 Barrington Hills, 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 Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the 60010 zip code has the highest and lowest median tax bill, both at $15,768.
Property Tax Assessment Values Across Barrington Hills, Illinois
Source: Ownwell
$142,312
$365,554
$588,796
Average Barrington Hills Assessed Value
$576,104
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 Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $292,752 | $452,779 | $576,104 | $689,655 | $714,466 |
Source: Ownwell
Property Tax Bills Across Barrington Hills, Illinois
In Barrington Hills, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to compute the annual tax bill. Key factors influencing the tax bill include the market value of the property, local government budgets, and any applicable exemptions or deductions. For homeowners in Barrington Hills, the financial impact can be significant. The median home price in the area is $576,104. Property tax bills range widely, with the 25th percentile at $12,154 and the 75th percentile at $19,027. The 90th percentile tax bill reaches $20,165, indicating that higher-value properties face considerably higher taxes. This variability underscores the importance of understanding local tax rates and assessed values. Comparatively, the national median property tax rate is 0.99%, making Barrington Hills' property tax rates notably higher. For residents, this means a substantial portion of their annual expenses goes toward property taxes, influencing overall affordability and long-term financial planning.
Average Barrington Hills Tax Bill
$15,768
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 Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $7,955 | $12,154 | $15,768 | $19,027 | $20,165 |
Source: Ownwell