Shabbona, Illinois Property Taxes
The median property tax rate in Shabbona, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shabbona, the typical annual property tax bill reaches $4,315, exceeding the national median of $2,690. Property taxes in Shabbona 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 Shabbona'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 Shabbona 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
Shabbona, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$4,414
$4,313
Ownwell’s Shabbona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shabbona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shabbona 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 Shabbona, Illinois
Property taxes in Shabbona, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shabbona is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shabbona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shabbona 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 Shabbona's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60550 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with Shabbona 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 Shabbona Tax Rate
2.49%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shabbona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60550 | 2.03% | 2.30% | 2.49% | 2.79% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Shabbona, Illinois
In Shabbona, 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 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 Shabbona, 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. The median home price in Shabbona is $177,280, with tax bills ranging widely. The highest median tax bill is found in zip code 60550, at $4,315, which is notably higher than the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shabbona Assessed Value
$177,280
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 Shabbona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60550 | $103,425 | $137,783 | $177,280 | $222,443 | $309,767 |
Source: Ownwell
Property Tax Bills Across Shabbona, Illinois
In Shabbona, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Shabbona is $177,280. The local tax rate is applied to this assessed value to determine the tax bill. For example, homeowners in Shabbona can expect a tax bill ranging from $3,236 at the 25th percentile to $5,593 at the 75th percentile, with the 90th percentile reaching up to $8,254. The highest and lowest median tax bills in Shabbona both stand at $4,315, highlighting a consistent tax rate across the area. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. This system ensures that homeowners contribute to community services proportionally to their property's value. Compared to the national median property tax rate of 0.99%, Shabbona's rates can be seen as reflective of the local economic conditions and municipal funding requirements. Homeowners should be aware of these factors as they directly impact annual financial planning and property affordability.
Average Shabbona Tax Bill
$4,315
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shabbona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60550 | $2,365 | $3,236 | $4,315 | $5,593 | $8,254 |
Source: Ownwell