Plato Center, Illinois Property Taxes
The median property tax rate in Plato Center, IL is 2.62%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Plato Center at $299,570, the typical annual property tax bill reaches $7,677, exceeding the national median of $2,690. Property taxes in Plato Center 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 Plato Center'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 Plato Center 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
Plato Center, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$7,849
$7,669
Ownwell’s Plato Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plato Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plato Center 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 Plato Center, Illinois
Property taxes in Plato Center, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plato Center is 2.62%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Plato Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plato Center 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 Plato Center's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60124 zip code has the highest median property tax rate of 2.62%, while the same zip code also has the lowest median tax rate of 2.62%. Understanding how these cities compare with Plato Center 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 Plato Center Tax Rate
2.62%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plato Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60124 | 2.53% | 2.56% | 2.62% | 2.74% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Plato Center, Illinois
In Plato Center, 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 Plato Center, 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 Plato Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $7,677 in zip code 60124, while the lowest median tax bill is also $7,677 in the same zip code.
Average Plato Center Assessed Value
$299,570
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 Plato Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60124 | $154,698 | $174,753 | $299,570 | $364,710 | $402,505 |
Source: Ownwell
Property Tax Bills Across Plato Center, Illinois
In Plato Center, Illinois, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $299,570, homeowners in Plato Center can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $4,454, while it can rise to $9,596 at the 75th percentile and up to $10,970 at the 90th percentile. These figures are considerably higher than the national median property tax rate of 0.99%, reflecting the specific economic and governmental factors in Kane County. High property tax bills can affect homeowners by increasing their annual expenses, potentially impacting their ability to afford other necessities or save for the future. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Plato Center Tax Bill
$7,677
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Plato Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60124 | $3,825 | $4,454 | $7,677 | $9,596 | $10,970 |
Source: Ownwell