Kaneville, Illinois Property Taxes
The median property tax rate in Kaneville, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kaneville, the typical annual property tax bill reaches $6,767, exceeding the national median of $2,690. Property taxes in Kaneville 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 Kaneville'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 Kaneville 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
Kaneville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$7,216
$7,051
Ownwell’s Kaneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kaneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kaneville 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 Kaneville, Illinois
Property taxes in Kaneville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kaneville is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kaneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kaneville 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 Kaneville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60144 zip code has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with Kaneville 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 Kaneville Tax Rate
2.71%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kaneville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60144 | 2.54% | 2.65% | 2.71% | 2.76% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Kaneville, Illinois
In Kaneville, 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 Kaneville, 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 Kaneville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Kaneville, the median home price is $266,283. The highest median tax bill is $6,767 in the 60144 zip code, which is the same as the lowest median tax bill in the area. The 25th percentile tax bill is $5,929, the 75th percentile tax bill is $8,604, and the 90th percentile tax bill is $9,735.
Average Kaneville Assessed Value
$266,283
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 Kaneville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60144 | $201,627 | $227,834 | $266,283 | $321,823 | $352,389 |
Source: Ownwell
Property Tax Bills Across Kaneville, Illinois
In Kaneville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Kaneville is $266,283, and homeowners can expect to pay a significant amount in property taxes due to the local tax rates. Factors that influence the tax bill include the assessed value of the property, any applicable exemptions, and the local tax rate. For instance, the 25th percentile of tax bills in Kaneville is $5,929, while the 75th percentile reaches $8,604. At the 90th percentile, tax bills can go as high as $9,735. The highest and lowest median tax bills in the area are both $6,767, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, homeowners in Kaneville face higher tax bills, which can impact their overall cost of living and financial planning.
Average Kaneville Tax Bill
$6,767
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kaneville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60144 | $5,228 | $5,929 | $6,767 | $8,604 | $9,735 |
Source: Ownwell