Plano, Illinois Property Taxes
The median property tax rate in Plano, Illinois is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Plano, the typical annual property tax bill reaches $9,101, exceeding the national median of $2,690. Property taxes in Plano 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 Plano'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 Plano 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
Plano, 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 Plano Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plano with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plano 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 Plano, Illinois
Property taxes in Plano, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plano is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Plano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plano 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 Plano's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60545 zip code has the highest median property tax rate of 2.37%, while also having the lowest median tax rate of 2.37%. Understanding how these cities compare with Plano 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 Plano Tax Rate
2.37%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plano, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60545 | 2.32% | 2.34% | 2.37% | 2.40% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Plano, Illinois
In Plano, 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. In Plano, 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 Plano helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Plano is $9,101 in zip code 60545, which is also the lowest median tax bill.
Average Plano Assessed Value
$383,008
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 Plano, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60545 | $363,470 | $370,797 | $383,008 | $395,220 | $402,546 |
Source: Ownwell
Property Tax Bills Across Plano, Illinois
In Plano, located 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 assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $383,008, homeowners can expect tax bills to vary significantly. Factors influencing the tax bill include the home's assessed value, the local tax rate, and any applicable exemptions. In Plano, the 25th percentile tax bill is $8,694, while the 75th percentile tax bill is $9,508, and the 90th percentile tax bill reaches $9,752. These figures highlight the variability in property taxes, which can significantly impact homeowners' finances. Comparatively, the national median property tax rate is 0.99%, making Plano's property taxes notably higher. This elevated tax burden underscores the importance of understanding local tax rates and seeking potential exemptions to manage costs effectively.
Average Plano Tax Bill
$9,101
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Plano, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60545 | $8,450 | $8,694 | $9,101 | $9,508 | $9,752 |
Source: Ownwell