North Aurora, Illinois Property Taxes
The median property tax rate in North Aurora, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in North Aurora at $272,484, the typical annual property tax bill reaches $6,920, exceeding the national median of $2,690. Property taxes in North Aurora 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 North Aurora'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 North Aurora 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
North Aurora, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$7,003
$6,843
Ownwell’s North Aurora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Aurora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Aurora 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 North Aurora, Illinois
Property taxes in North Aurora, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Aurora is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within North Aurora set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Aurora 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 North Aurora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60542 zip code has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with North Aurora 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 North Aurora Tax Rate
2.57%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60542 | 2.32% | 2.48% | 2.57% | 2.65% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across North Aurora, Illinois
In North Aurora, 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 North Aurora, 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 North Aurora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $272,484, with annual tax bills ranging from $5,023 at the 25th percentile to $10,600 at the 90th percentile.
Average North Aurora Assessed Value
$272,484
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 North Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60542 | $173,583 | $204,733 | $272,484 | $333,696 | $396,303 |
Source: Ownwell
Property Tax Bills Across North Aurora, Illinois
In North Aurora, located in Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in North Aurora, the median home price stands at $272,484. Property tax bills can vary significantly, with the 25th percentile tax bill at $5,023 and the 75th percentile reaching $8,782. At the higher end, the 90th percentile tax bill can go up to $10,600. The highest and lowest median tax bills in the area are both $6,920, corresponding to the zip code 60542. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in North Aurora may find their tax bills relatively high, reflecting the community's investment in quality public services.
Average North Aurora Tax Bill
$6,920
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across North Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60542 | $4,024 | $5,023 | $6,920 | $8,782 | $10,600 |
Source: Ownwell