Geneva, Illinois Property Taxes
The median property tax rate in Geneva, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Geneva, the typical annual property tax bill reaches $9,788, exceeding the national median of $2,690. Property taxes in Geneva 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 Geneva'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 Geneva 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
Geneva, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$9,654
$9,434
Ownwell’s Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, Illinois
Property taxes in Geneva, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneva is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60134 zip code has the highest median property tax rate of 2.66%, while the same zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with Geneva 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 Geneva Tax Rate
2.66%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60134 | 2.47% | 2.57% | 2.66% | 2.78% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, Illinois
In Geneva, 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 Geneva, 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. Geneva's median home price is $362,946, with tax bills ranging from $7,492 at the 25th percentile to $15,274 at the 90th percentile. The highest and lowest median tax bills are both $9,788 in the 60134 zip code. Being aware of these valuation processes in Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Geneva Assessed Value
$362,946
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 Geneva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60134 | $217,921 | $290,374 | $362,946 | $443,115 | $559,306 |
Source: Ownwell
Property Tax Bills Across Geneva, Illinois
In Geneva, located in Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Various factors are considered in this assessment, including the home's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Geneva's median home price stands at $362,946, leading to substantial property tax bills. For example, the 25th percentile tax bill is $7,492, while the 75th percentile tax bill reaches $12,213. Even more striking, the 90th percentile tax bill can soar to $15,274. These tax rates significantly impact homeowners, often making property taxes one of their largest annual expenses. In comparison, the national median property tax rate is 0.99%, highlighting the relatively high property tax burden faced by Geneva residents.
Average Geneva Tax Bill
$9,788
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60134 | $5,508 | $7,492 | $9,788 | $12,213 | $15,274 |
Source: Ownwell