Kankakee, Illinois Property Taxes
The median property tax rate in Kankakee, IL is 4.53%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $76,260 in Kankakee, the typical annual property tax bill reaches $3,134, surpassing the national median of $2,690. Property taxes in Kankakee are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Kankakee’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kankakee or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kankakee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.53%
Estimate Property Tax Bill
$3,455
$3,376
Ownwell’s Kankakee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kankakee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kankakee 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 Kankakee, Illinois
Property taxes in Kankakee, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kankakee is 4.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kankakee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kankakee 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 Kankakee's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60901 zip code has the highest median property tax rate of 4.53%, while the same zip code also has the lowest median tax rate of 4.53%. Understanding how these cities compare with Kankakee 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 Kankakee Tax Rate
4.53%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kankakee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60901 | 2.56% | 3.00% | 4.53% | 4.53% | 4.53% |
Source: Ownwell
Property Tax Assessment Values Across Kankakee, Illinois
In Kankakee, 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 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 Kankakee, 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 Kankakee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60901, with a median tax bill of $3,134.
Average Kankakee Assessed Value
$76,260
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 Kankakee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60901 | $35,012 | $46,317 | $76,260 | $141,480 | $256,216 |
Source: Ownwell
Property Tax Bills Across Kankakee, Illinois
In Kankakee, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Various factors such as property location, size, and improvements can influence the assessed value. Homeowners in Kankakee face a range of property tax bills. The tax bill at the 25th percentile is $2,017, while the 75th percentile sees bills around $5,009. The highest median tax bill in the area is $3,134, which is notably higher than the national median property tax rate of 0.99%. This variation can significantly impact homeowners' budgets, making it essential for them to understand how their tax bills are determined. The tax burden in Kankakee highlights the importance of accurate property assessments and the potential benefits of appealing incorrect valuations.
Average Kankakee Tax Bill
$3,134
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kankakee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60901 | $1,430 | $2,017 | $3,134 | $5,009 | $7,755 |
Source: Ownwell