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South Barrington, Illinois Property Taxes

The median property tax rate in South Barrington, IL is 2.02%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $780,000, the typical annual property tax bill in South Barrington reaches $15,674, far exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding South Barrington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of South Barrington 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

South Barrington, Illinois Property Tax Bill Calculator

$100,000

$2,500,000

$5,000,000

Average Tax Rate

2.35%

Estimate Property Tax Bill

$4,700

$3,552

SAVE WITH OWNWELL

$1,148

Average South Barrington, Illinois Tax Savings

Ownwell’s South Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Barrington to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in South Barrington. 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 South Barrington, Illinois

Property taxes in South Barrington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Barrington is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within South Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Barrington 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 South Barrington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60010 zip code has the highest median property tax rate of 2.02%, while the same zip code also has the lowest median tax rate of 2.02%. Understanding how these cities compare with South Barrington provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across South Barrington, Illinois

Source: Ownwell

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1.46%

4.93%

8.39%

Average South Barrington Tax Rate

2.02%

Average Cook County Tax Rate

2.01%

Average Illinois Tax Rate

2.35%

Average United States Tax Rate

0.99%

Property Tax Rates Across South Barrington, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
600101.67%1.84%2.02%2.19%2.37%

Source: Ownwell

Property Tax Assessment Values Across South Barrington, Illinois

In South Barrington, 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 Cook County Assessor's Office 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 South Barrington, 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 South Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in South Barrington are both $15,674 in the 60010 zip code.

Property Tax Assessment Values Across South Barrington, Illinois

Source: Ownwell

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$13,140

$631,570

$1,250,000

Average South Barrington Assessed Value

$780,000

Average Cook County Assessed Value

$210,000

Average Illinois Assessed Value

$194,700

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across South Barrington, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60010$570,000$632,100$780,000$970,000$1,228,514

Source: Ownwell

Property Tax Bills Across South Barrington, Illinois

In South Barrington, located in Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $780,000, homeowners can expect tax bills to vary significantly. At the 25th percentile, tax bills are around $12,426, while at the 75th percentile, they can reach $19,430, and at the 90th percentile, they soar to $25,954. The highest and lowest median tax bills in the area are both $15,674, indicating a consistent tax rate across similar properties. Factors such as property size, location, and improvements influence the assessed value, directly impacting the tax bill. High property taxes can be a substantial financial burden for homeowners, but Ownwell can help. By providing expert property tax appeal and exemption services, Ownwell assists homeowners in ensuring their property is fairly assessed, potentially reducing their tax bills and saving them money. This service is particularly beneficial in areas like South Barrington, where property taxes are significantly higher than the national median rate of 0.99%.

Property Tax Bills Across South Barrington, Illinois

Source: Ownwell

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$453

$15,274

$30,094

Average South Barrington Tax Bill

$15,674

Average Cook County Tax Bill

$4,680

Average Illinois Tax Bill

$4,715

Average United States Tax Bill

$2,690

Property Tax Bills Across South Barrington, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60010$10,496$12,426$15,674$19,430$25,954

Source: Ownwell

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