Carol Stream, Illinois Property Taxes
The median property tax rate in Carol Stream, IL is 2.80%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Carol Stream at $279,990, the typical annual property tax bill reaches $7,678, exceeding the national median of $2,690. Property taxes in Carol Stream 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 Carol Stream'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 Carol Stream 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
Carol Stream, 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 Carol Stream Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carol Stream with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carol Stream 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 Carol Stream, Illinois
Property taxes in Carol Stream, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Carol Stream is 2.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carol Stream set these rates annually, and they can vary across different neighborhoods. Each year, Carol Stream 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 Carol Stream's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60188 zip code has the highest median property tax rate of 2.80%, while the same zip code also has the lowest median tax rate of 2.80%. Understanding how these cities compare with Carol Stream provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carol Stream Tax Rate
2.80%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carol Stream, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60188 | 2.23% | 2.55% | 2.80% | 2.89% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Carol Stream, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carol Stream, IL. The market value represents 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 DuPage 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 Carol Stream, 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 instance, the median home price in Carol Stream is $279,990, with tax bills ranging from $5,683 at the 25th percentile to $11,088 at the 90th percentile. The highest and lowest median tax bills are both $7,678, found in the 60188 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Carol Stream, Illinois
Source: Ownwell
$2,760
$1,600,770
$3,198,780
Average Carol Stream Assessed Value
$279,990
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carol Stream, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60188 | $167,790 | $218,955 | $279,990 | $338,745 | $395,790 |
Source: Ownwell
Property Tax Bills Across Carol Stream, Illinois
In Carol Stream, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Once the assessed value is determined, local tax rates are applied to calculate the annual tax bill. Factors such as local government budgets, school funding needs, and public services influence these tax rates. For homeowners in Carol Stream, the median home price is $279,990, and property tax bills can vary significantly. For example, homeowners at the 25th percentile can expect to pay around $5,683, while those at the 75th percentile face bills closer to $9,488. At the 90th percentile, tax bills can reach up to $11,088. The highest median tax bill in Carol Stream is $7,678, which is considerably higher than the national median property tax rate of 0.99%. These variations in tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning.
Average Carol Stream Tax Bill
$7,678
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carol Stream, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60188 | $4,055 | $5,683 | $7,678 | $9,488 | $11,088 |
Source: Ownwell