Carpentersville, Illinois Property Taxes
The median property tax rate in Carpentersville, IL is 2.63%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $182,846 in Carpentersville, the typical annual property tax bill reaches $4,778, well above the national median of $2,690. Property taxes in Carpentersville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Carpentersville'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 Carpentersville 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
Carpentersville, 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 Carpentersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carpentersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carpentersville 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 Carpentersville, Illinois
Property taxes in Carpentersville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carpentersville is 2.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carpentersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carpentersville 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 Carpentersville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60110 zip code has the highest median property tax rate of 2.63%, while the 60110 zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Carpentersville 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 Carpentersville Tax Rate
2.63%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carpentersville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60110 | 2.36% | 2.56% | 2.63% | 2.76% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Carpentersville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carpentersville, 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 Assessor’s Office 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 Carpentersville, 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 Carpentersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Carpentersville are both $4,778, found in the zip code 60110.
Property Tax Assessment Values Across Carpentersville, Illinois
Source: Ownwell
$142,312
$365,554
$588,796
Average Carpentersville Assessed Value
$182,846
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 Carpentersville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60110 | $145,086 | $159,684 | $182,846 | $234,497 | $313,048 |
Source: Ownwell
Property Tax Bills Across Carpentersville, Illinois
In Carpentersville, Kane County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Carpentersville is $182,846. Property taxes here are relatively high compared to the national median property tax rate of 0.99%. Homeowners in Carpentersville can expect a tax bill ranging from $4,110 at the 25th percentile to $8,502 at the 90th percentile. The highest median tax bill in the area is $4,778, which is also the lowest, reflecting uniformity in the assessed property values and tax rates. This considerable range in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to manage their expenses and anticipate annual property tax obligations effectively.
Average Carpentersville Tax Bill
$4,778
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carpentersville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60110 | $3,444 | $4,110 | $4,778 | $6,189 | $8,502 |
Source: Ownwell