Essex, Illinois Property Taxes
The median property tax rate in Essex, 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 Essex, the typical annual property tax bill reaches $4,279, exceeding the national median of $2,690. Property taxes in Essex 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 Essex'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 Essex 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
Essex, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$4,660
$4,554
Ownwell’s Essex Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Essex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Essex 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 Essex, Illinois
Property taxes in Essex, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essex is 2.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Essex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essex 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 Essex's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60935 zip code has the highest median property tax rate of 2.57%, while the same zip code also represents the lowest median tax rate of 2.57%. Understanding how these figures compare with Essex provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essex Tax Rate
2.57%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essex, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60935 | 1.82% | 2.17% | 2.57% | 3.08% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Essex, Illinois
In Essex, 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 Kankakee 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 Essex, 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. The median home price in Essex is $181,336, with tax bills ranging significantly. The 25th percentile tax bill is $2,221, while the 75th percentile tax bill is $6,207, and the 90th percentile tax bill reaches $7,676. 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 Essex helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Essex Assessed Value
$181,336
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essex, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60935 | $27,428 | $92,180 | $181,336 | $250,540 | $307,759 |
Source: Ownwell
Property Tax Bills Across Essex, Illinois
In Essex, located in Kankakee County, IL, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Essex see tax bills that vary significantly, reflecting the diverse range of property values and local tax rates. The median home price in Essex is $181,336, and the property tax rate is influenced by local government budgets and public service needs. For example, the 25th percentile of tax bills is around $2,221, while the 75th percentile reaches $6,207, and the 90th percentile can soar to $7,676. This range indicates that while some homeowners may face a relatively moderate tax bill, others could experience a much higher financial burden. Compared to the national median property tax rate of 0.99%, Essex's property tax rates can be seen as relatively high, which impacts homeowners by increasing their annual expenses. The highest median tax bill in the area is $4,279, highlighting the variability within the region.
Average Essex Tax Bill
$4,279
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Essex, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60935 | $784 | $2,221 | $4,279 | $6,207 | $7,676 |
Source: Ownwell