Algonquin, Illinois Property Taxes
The median property tax rate in Algonquin, IL is 2.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Algonquin, the typical annual property tax bill reaches $7,296, exceeding the national median of $2,690. Property taxes in Algonquin 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 Algonquin'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 Algonquin 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
Algonquin, 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 Algonquin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Algonquin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Algonquin 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 Algonquin, Illinois
Property taxes in Algonquin, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Algonquin is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Algonquin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Algonquin 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 Algonquin's effective property tax rate to other regions in Illinois and the national median. For comparison, the 60102 zip code has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these areas compare with Algonquin provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Algonquin Tax Rate
2.64%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Algonquin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60102 | 2.41% | 2.54% | 2.64% | 2.70% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Algonquin, Illinois
In Algonquin, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 McHenry 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 Algonquin, 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 Algonquin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Algonquin is $279,441, with the median tax bill at $7,296 in zip code 60102.
Average Algonquin Assessed Value
$279,441
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Algonquin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60102 | $173,304 | $222,375 | $279,441 | $358,557 | $425,802 |
Source: Ownwell
Property Tax Bills Across Algonquin, Illinois
In Algonquin, McHenry County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of its market value. Homeowners in this area face a significant tax burden, with the median home price at $279,441. The property tax rate in McHenry County is notably higher than the national median of 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and applicable exemptions. For instance, the 25th percentile tax bill is $5,551, while the 75th percentile tax bill reaches $9,396. At the 90th percentile, homeowners can expect to pay as much as $11,351. This substantial tax burden can impact homeowners' financial planning and housing affordability. Comparatively, the highest and lowest median tax bills in Algonquin are both recorded at $7,296, emphasizing the uniformity yet high cost of property taxes in the area. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Algonquin Tax Bill
$7,296
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Algonquin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60102 | $4,315 | $5,551 | $7,296 | $9,396 | $11,351 |
Source: Ownwell