Union, Illinois Property Taxes
The median property tax rate in Union, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Union, the typical annual property tax bill reaches $5,741, exceeding the national median of $2,690. Property taxes in Union 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 Union'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 Union 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
Union, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$5,816
$5,683
Ownwell’s UNION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UNION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNION 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 Union, Illinois
Property taxes in Union, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60180 has the highest median property tax rate of 2.32%, while the same zip code also has the lowest median tax rate of 2.32%. Understanding how these figures compare with Union 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 Union Tax Rate
2.32%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60180 | 2.03% | 2.21% | 2.32% | 2.41% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Union, Illinois
In Union, 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 Union, 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 Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Union stand at $5,741, with the zip code 60180 reflecting this value.
Average Union Assessed Value
$250,701
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 Union, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60180 | $140,649 | $169,533 | $250,701 | $327,795 | $407,457 |
Source: Ownwell
Property Tax Bills Across Union, Illinois
In Union, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $250,701, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as local government budgets, school funding, and public services influence the tax rate, making it crucial for homeowners to stay informed about local fiscal policies. In Union, property tax bills can range significantly, with the 25th percentile paying around $3,818 and the 75th percentile facing bills up to $7,822. Those in the 90th percentile may see tax bills as high as $9,794. Compared to the national median property tax rate of 0.99%, Union's property tax rates can have a substantial impact on homeowners, potentially affecting their financial planning and long-term investment in their property.
Average Union Tax Bill
$5,741
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60180 | $2,798 | $3,818 | $5,741 | $7,822 | $9,794 |
Source: Ownwell