Maple Park, Illinois Property Taxes
The median property tax rate in Maple Park, IL is 3.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Maple Park at $251,124, the typical annual property tax bill reaches $7,294, exceeding the national median of $2,690. Property taxes in Maple Park 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 Maple Park'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 Maple Park 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
Maple Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$7,559
$7,014
Ownwell’s Maple Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maple Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maple Park 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 Maple Park, Illinois
Property taxes in Maple Park, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Maple Park is 3.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Maple Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maple Park 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 Maple Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60151 zip code has the highest median property tax rate of 3.01%, while the same zip code also has the lowest median tax rate of 3.01%. Understanding how these cities compare with Maple Park 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 Maple Park Tax Rate
3.01%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maple Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60151 | 2.57% | 2.83% | 3.01% | 3.08% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Maple Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maple Park, Illinois. 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 Maple Park, 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, homeowners in the 60151 zip code see a median tax bill of $7,294. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maple Park Assessed Value
$251,124
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 Maple Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60151 | $156,252 | $187,586 | $251,124 | $295,525 | $319,416 |
Source: Ownwell
Property Tax Bills Across Maple Park, Illinois
In Maple Park, located in DeKalb County, IL, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence this calculation, including the home’s market value, local levy rates, and any applicable exemptions or deductions. For instance, the median home price in Maple Park is $251,124, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile can expect a tax bill around $5,464, while those in the 75th percentile might see bills closer to $8,839. The 90th percentile tax bills can reach up to $9,703. Comparatively, the national median property tax rate is 0.99%, making Maple Park's rates relatively higher. This affects homeowners by increasing their annual financial obligations, which can impact budgeting and long-term financial planning. Understanding these factors helps homeowners better anticipate their property tax responsibilities.
Average Maple Park Tax Bill
$7,294
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Maple Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60151 | $4,142 | $5,464 | $7,294 | $8,839 | $9,703 |
Source: Ownwell