Holiday Hills, Illinois Property Taxes
The median property tax rate in Holiday Hills, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Holiday Hills, the typical annual property tax bill reaches $4,396, exceeding the national median of $2,690. Property taxes in Holiday 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 Holiday 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 Holiday 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
Holiday Hills, 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 HOLIDAY HILLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLIDAY HILLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLIDAY 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Holiday Hills, Illinois
Property taxes in Holiday Hills, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holiday Hills is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Holiday Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holiday 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 Holiday Hills' effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60051 has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with Holiday 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 Holiday Hills Tax Rate
2.71%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holiday Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | 2.31% | 2.58% | 2.71% | 2.79% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Holiday Hills, Illinois
In Holiday Hills, 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 McHenry 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 Holiday 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. The highest median tax bill in the area is $4,396 in zip code 60051, while the lowest median tax bill is also $4,396 in the same zip code. 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 Holiday Hills, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Holiday Hills Assessed Value
$164,385
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 Holiday Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | $109,164 | $140,470 | $164,385 | $189,011 | $220,457 |
Source: Ownwell
Property Tax Bills Across Holiday Hills, Illinois
In Holiday Hills, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. For instance, with a median home price of $164,385, the tax bill can vary significantly. Homeowners in the 25th percentile might see tax bills around $3,602, while those in the 75th percentile could face bills as high as $5,161. The 90th percentile tax bill can reach up to $6,120. These tax bills are influenced by several factors including the property's assessed value, local tax rates, and any applicable exemptions. The local tax rate in McHenry County is notably higher than the national median property tax rate of 0.99%, leading to substantial tax bills for homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Holiday Hills Tax Bill
$4,396
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Holiday Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | $2,026 | $3,602 | $4,396 | $5,161 | $6,120 |
Source: Ownwell