Elgin, Illinois Property Taxes
The median property tax rate in Elgin, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elgin at $226,711, the typical annual property tax bill reaches $5,955, exceeding the national median of $2,690. Property taxes in Elgin 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 Elgin'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 Elgin 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
Elgin, 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 Elgin Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating their annual property taxes in Elgin with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Elgin to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Kane County for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Elgin, Illinois
Property taxes in Elgin, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elgin is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgin 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 Elgin's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60124 zip code has the highest median property tax rate of 2.83%, while the 60120 zip code has the lowest median tax rate of 2.62%. Understanding how these areas compare with Elgin 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 Elgin Tax Rate
2.65%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60120 | 2.36% | 2.54% | 2.62% | 2.89% | 2.89% |
| 60123 | 2.34% | 2.53% | 2.63% | 2.71% | 2.89% |
| 60124 | 2.41% | 2.60% | 2.83% | 3.02% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Elgin, Illinois
In Elgin, 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 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. Assessment notices in Elgin 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. For instance, the highest median tax bill in Elgin is $9,401 in zip code 60124, while the lowest median tax bill is $4,787 in zip code 60120. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elgin Assessed Value
$226,711
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 Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60120 | $134,883 | $156,867 | $182,059 | $212,074 | $242,548 |
| 60123 | $138,181 | $166,602 | $202,941 | $257,064 | $307,269 |
| 60124 | $217,808 | $271,753 | $335,117 | $387,500 | $452,701 |
Source: Ownwell
Property Tax Bills Across Elgin, Illinois
Property tax bills in Elgin, located in Kane County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value typically represents a percentage of the property's market value, which is determined by the county assessor. Various factors influence this value, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Elgin, the median home price is $226,711, with property tax bills ranging significantly. At the 25th percentile, homeowners pay around $4,544, while those at the 75th percentile face bills of about $8,396. The highest median tax bill in the area reaches $9,401 in zip code 60124, whereas the lowest is $4,787 in zip code 60120. These property taxes can have a substantial impact on homeowners, influencing their overall housing costs and affordability, especially when compared to the national median property tax rate of 0.99%.
Average Elgin Tax Bill
$5,955
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60120 | $3,209 | $4,016 | $4,787 | $5,638 | $6,549 |
| 60123 | $3,235 | $4,194 | $5,257 | $6,768 | $8,270 |
| 60124 | $5,699 | $7,074 | $9,401 | $11,291 | $13,181 |
Source: Ownwell