Elburn, Illinois Property Taxes
The median property tax rate in Elburn, IL is 2.89%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $302,326 in Elburn, the typical annual property tax bill reaches $8,656, far exceeding the national median of $2,690. Property taxes in Elburn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elburn'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 Elburn 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
Elburn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$8,737
$8,538
Ownwell’s Elburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elburn 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 Elburn, Illinois
Property taxes in Elburn, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elburn is 2.89%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elburn 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 Elburn's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60119 zip code has the highest median property tax rate of 2.89%, while the same zip code also has the lowest median tax rate of 2.89%. Understanding how these cities compare with Elburn 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 Elburn Tax Rate
2.89%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60119 | 2.47% | 2.67% | 2.89% | 3.00% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Elburn, Illinois
In Elburn, 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 Assessment 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 Elburn, 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 Elburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $8,656, specifically in the 60119 zip code.
Average Elburn Assessed Value
$302,326
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 Elburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60119 | $177,549 | $248,610 | $302,326 | $374,920 | $462,189 |
Source: Ownwell
Property Tax Bills Across Elburn, Illinois
In Elburn, situated in Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $302,326, homeowners can expect varying tax bills depending on specific assessments and local levies. Factors such as property size, location, and any applicable exemptions play a crucial role in determining the final tax amount. In Elburn, the 25th percentile of tax bills is around $6,843, while the 75th percentile reaches up to $10,717. The highest median tax bill in the region is $8,656, making it clear that property taxes can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, homeowners in Elburn may find their property tax rates to be relatively higher, which underscores the importance of understanding local tax policies and potential exemptions.
Average Elburn Tax Bill
$8,656
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60119 | $5,088 | $6,843 | $8,656 | $10,717 | $13,263 |
Source: Ownwell