Deer Grove, Illinois Property Taxes
The median property tax rate in Deer Grove, IL is 2.08%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Deer Grove, the typical annual property tax bill reaches $1,803, which is below the national median of $2,690. Property taxes in Deer Grove 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 Deer Grove'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 Deer Grove 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
Deer Grove, 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 Deer Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deer Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deer Grove 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 Deer Grove, Illinois
Property taxes in Deer Grove, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer Grove is 2.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Deer Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer Grove 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 Deer Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61243 zip code has both the highest and lowest median property tax rate of 2.08%. Understanding how these cities compare with Deer Grove provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer Grove Tax Rate
2.08%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61243 | 1.61% | 1.80% | 2.08% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Deer Grove, Illinois
In Deer Grove, 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 Whiteside 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 Deer Grove, 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. For example, the median home price in Deer Grove is $94,887, with tax bills ranging from $1,229 at the 25th percentile to $6,038 at the 90th percentile. Notably, the zip code 61243 has the highest and lowest median tax bill at $1,803. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deer Grove Assessed Value
$94,887
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deer Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61243 | $45,397 | $66,398 | $94,887 | $142,388 | $270,181 |
Source: Ownwell
Property Tax Bills Across Deer Grove, Illinois
In Deer Grove, located in Whiteside 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 property's market value, determined by the county assessor. For instance, with a median home price of $94,887, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,229 annually, while those in the 75th percentile see tax bills of approximately $2,678. At the 90th percentile, the tax bill can soar to $6,038. Several factors influence the final tax bill, including property improvements, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the property tax rate in Deer Grove may seem variable, reflecting the diverse property values within the area. This variability can significantly impact homeowners, affecting their annual financial planning and the overall affordability of maintaining their homes.
Average Deer Grove Tax Bill
$1,803
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61243 | $443 | $1,229 | $1,803 | $2,678 | $6,038 |
Source: Ownwell