Poplar Grove, Illinois Property Taxes
The median property tax rate in Poplar Grove, IL is 2.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Poplar Grove, the typical annual property tax bill reaches $4,196, exceeding the national median of $2,690. Property taxes in Poplar 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 Poplar 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 Poplar 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
Poplar 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 Poplar Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Poplar Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Poplar 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 Poplar Grove, Illinois
Property taxes in Poplar Grove, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Poplar Grove is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Poplar Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Poplar 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 Poplar Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61065 zip code has both the highest and lowest median property tax rate of 2.64%. Understanding how these cities compare with Poplar Grove provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Poplar Grove Tax Rate
2.64%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Poplar Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61065 | 2.17% | 2.38% | 2.64% | 2.78% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Poplar Grove, Illinois
In Poplar 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 Boone 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 Poplar 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Poplar Grove has a median home price of $166,598 and the median tax bill is $4,196 in the 61065 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Poplar Grove Assessed Value
$166,598
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Poplar Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61065 | $88,749 | $140,276 | $166,598 | $213,416 | $281,084 |
Source: Ownwell
Property Tax Bills Across Poplar Grove, Illinois
In Poplar Grove, located in Boone County, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors like the property's size, location, and condition. In Poplar Grove, the median home price is $166,598, and homeowners can expect a tax bill in the range of $3,345 at the 25th percentile to $7,551 at the 90th percentile. The local tax rate significantly impacts these figures, often resulting in higher tax bills compared to the national median property tax rate of 0.99%. Homeowners in this area should be aware that the highest median tax bill in the region is $4,196, found in the 61065 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting the quality of life and property values in the community. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Poplar Grove Tax Bill
$4,196
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Poplar Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61065 | $2,241 | $3,345 | $4,196 | $5,783 | $7,551 |
Source: Ownwell