Barrington, Illinois Property Taxes
The median property tax rate in Barrington, IL 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 Barrington at $475,180, the typical annual property tax bill reaches $11,178, far exceeding the national median of $2,690. Property taxes in Barrington 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 Barrington'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 Barrington 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
Barrington, 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 Barrington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Barrington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Barrington to provide an accurate estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available. Your property’s assessed value is determined by Lake County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Barrington, Illinois
Property taxes in Barrington, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrington is 2.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barrington 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 Barrington's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60010 has the highest median property tax rate of 2.37%, while the same zip code also has the lowest median tax rate of 2.37%. Understanding how these cities compare with Barrington provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barrington Tax Rate
2.37%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.14% | 2.24% | 2.37% | 2.46% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Barrington, Illinois
In Barrington, 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 Lake 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 Barrington, 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 Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60010 has both the highest and lowest median tax bills, each at $11,178.
Average Barrington Assessed Value
$475,180
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $247,029 | $360,790 | $475,180 | $607,699 | $757,542 |
Source: Ownwell
Property Tax Bills Across Barrington, Illinois
In Barrington, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Barrington face a median property tax bill of $11,178, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the assessed value, local tax rates, and any applicable exemptions. For example, the tax bill for homes in the 25th percentile is around $8,293, whereas homes in the 75th percentile face bills up to $14,353. Those in the 90th percentile can see tax bills as high as $17,911. These tax bills can significantly impact homeowners, making property taxes a crucial consideration when purchasing or owning a home in Barrington. The higher tax rates support local services but also mean that homeowners need to budget accordingly.
Average Barrington Tax Bill
$11,178
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $5,464 | $8,293 | $11,178 | $14,353 | $17,911 |
Source: Ownwell