Barrington Hills, Illinois Property Taxes
The median property tax rate in Barrington Hills, IL is 2.80%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $32,265 in Barrington Hills, the typical annual property tax bill amounts to $947, surpassing the national median of $2,690. Property taxes in Barrington Hills 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 Hills' 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 Hills 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 Hills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$903
$883
Ownwell’s Barrington Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrington Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrington Hills 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 McHenry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Barrington Hills, Illinois
Property taxes in Barrington Hills, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrington Hills is 2.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Barrington Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barrington Hills 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 Hills' effective property tax rate to other areas and the national median. For comparison, neighboring areas such as the 60010 zip code have a median property tax rate of 2.67%. Understanding how these areas compare with Barrington Hills 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 Barrington Hills Tax Rate
2.80%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrington Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.56% | 2.60% | 2.67% | 2.73% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Barrington Hills, Illinois
In Barrington Hills, 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 Barrington Hills, 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. For instance, the median home price in Barrington Hills is $32,265, with tax bills ranging from $866 at the 25th percentile to $12,945 at the 90th percentile. The zip code 60010 has the highest and lowest median tax bill at $8,365. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Barrington Hills, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Barrington Hills Assessed Value
$32,265
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 Barrington Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $88,126 | $178,228 | $328,396 | $478,565 | $568,666 |
Source: Ownwell
Property Tax Bills Across Barrington Hills, Illinois
In Barrington Hills, McHenry 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 then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Barrington Hills, the tax rate is influenced by various factors such as local government budgets, school district funding, and public service needs. The median home price in Barrington Hills is $32,265, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $866, while the 75th percentile reaches $8,446, and the 90th percentile can be as high as $12,945. The highest median tax bill in the area is $8,365, which is notably higher than the national median property tax rate of 0.99%. These property taxes can have a substantial impact on homeowners, influencing their overall cost of living and the affordability of maintaining their homes. High property taxes can also affect decisions related to buying or selling property in the area.
Average Barrington Hills Tax Bill
$947
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrington Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $2,301 | $4,575 | $8,365 | $12,155 | $14,429 |
Source: Ownwell