Esmond, Illinois Property Taxes
The median property tax rate in Esmond, IL is 2.48%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Esmond at $175,113, the typical annual property tax bill reaches $4,271, exceeding the national median of $2,690. Property taxes in Esmond 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 Esmond'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 Esmond 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
Esmond, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$4,343
$4,244
Ownwell’s Esmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Esmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Esmond 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 Esmond, Illinois
Property taxes in Esmond, Illinois, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Esmond is 2.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Esmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Esmond 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 Esmond's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60129 has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with Esmond provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Esmond Tax Rate
2.48%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Esmond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60129 | 1.97% | 2.27% | 2.48% | 2.71% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Esmond, Illinois
In Esmond, 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 Ogle 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 Esmond, 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 Esmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Esmond is $4,271 in the 60129 zip code, which is also the lowest median tax bill, indicating a uniform tax landscape across the area.
Average Esmond Assessed Value
$175,113
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Esmond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60129 | $66,636 | $111,456 | $175,113 | $265,334 | $328,560 |
Source: Ownwell
Property Tax Bills Across Esmond, Illinois
In Esmond, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the property's market value. Once the assessed value is established, the local tax rate, set by various taxing authorities like school districts and municipalities, is applied to determine the annual tax bill. Homeowners in Esmond experience varying tax bills depending on the value of their property. For instance, the 25th percentile of tax bills is around $2,943, while the 75th percentile reaches up to $6,350. Those in the 90th percentile can see tax bills as high as $8,745. Compared to the national median property tax rate of 0.99%, Esmond's tax rates can result in significantly higher tax bills, impacting homeowners' annual expenses. This variation highlights the importance of understanding local tax structures and their potential financial implications.
Average Esmond Tax Bill
$4,271
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Esmond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60129 | $1,549 | $2,943 | $4,271 | $6,350 | $8,745 |
Source: Ownwell