Trout Valley, Illinois Property Taxes
The median property tax rate in Trout Valley, IL is 2.83%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $406,308 in Trout Valley, the typical annual property tax bill reaches $11,440, far exceeding the national median of $2,690. Property taxes in Trout Valley 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 Trout Valley'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 Trout Valley 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
Trout Valley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.83%
Estimate Property Tax Bill
$11,499
$11,236
Ownwell’s Trout Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trout Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trout Valley 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 Trout Valley, Illinois
Property taxes in Trout Valley, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Trout Valley is 2.83%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Trout Valley set these rates annually, and they can vary considerably across different neighborhoods. Each year, Trout Valley 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 Trout Valley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60013 zip code has both the highest and lowest median property tax rate of 2.83%. Understanding how these areas compare with Trout Valley 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 Trout Valley Tax Rate
2.83%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trout Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60013 | 2.66% | 2.74% | 2.83% | 2.87% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Trout Valley, Illinois
In Trout Valley, 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 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 Trout Valley, 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 Trout Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60013 has the highest and lowest median tax bill at $11,440.
Property Tax Assessment Values Across Trout Valley, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Trout Valley Assessed Value
$406,308
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 Trout Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60013 | $316,728 | $350,382 | $406,308 | $455,302 | $562,011 |
Source: Ownwell
Property Tax Bills Across Trout Valley, Illinois
In Trout Valley, McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. Local tax authorities determine this assessed value, and it is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $406,308, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $9,744, while those in the 75th percentile could face bills up to $12,857. The 90th percentile tax bills can reach as high as $15,709. This variance is influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the rates in Trout Valley result in notably higher tax bills. These high tax obligations can impact homeowners by increasing their annual expenses, making it crucial for them to understand and manage their property valuations effectively.
Average Trout Valley Tax Bill
$11,440
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Trout Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60013 | $8,225 | $9,744 | $11,440 | $12,857 | $15,709 |
Source: Ownwell