Clare, Illinois Property Taxes
The median property tax rate in Clare, IL is 3.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Clare, the typical annual property tax bill reaches $6,277, exceeding the national median of $2,690. Property taxes in Clare are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Clare'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 Clare 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
Clare, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.07%
Estimate Property Tax Bill
$6,848
$6,691
Ownwell’s Clare Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clare with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clare 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 Clare, Illinois
Property taxes in Clare, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clare is 3.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Clare set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clare 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 Clare's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60111 zip code has both the highest and lowest median property tax rate of 3.07%. Understanding how these areas compare with Clare provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clare Tax Rate
3.07%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clare, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60111 | 2.41% | 2.69% | 3.07% | 3.41% | 3.68% |
Source: Ownwell
Property Tax Assessment Values Across Clare, Illinois
In Clare, 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 DeKalb County Assessment 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 Clare, 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 Clare helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60111, with a median tax bill of $6,277.
Average Clare Assessed Value
$223,052
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clare, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60111 | $108,135 | $147,547 | $223,052 | $311,327 | $422,712 |
Source: Ownwell
Property Tax Bills Across Clare, Illinois
In Clare, DeKalb County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $223,052, the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the tax bill, including property improvements, neighborhood changes, and local tax rates. Homeowners in Clare experience a range of property tax bills. For example, the 25th percentile tax bill is $4,440, while the 75th percentile tax bill is $10,117. At the higher end, the 90th percentile tax bill reaches $14,056. These amounts are notably higher compared to the national median property tax rate of 0.99%. This can significantly impact homeowners' finances, particularly in areas with higher property values or tax rates. Understanding these factors helps residents anticipate their property tax obligations and manage their budgets effectively.
Average Clare Tax Bill
$6,277
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Clare, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60111 | $2,658 | $4,440 | $6,277 | $10,117 | $14,056 |
Source: Ownwell