Downers Grove, Illinois Property Taxes
The median property tax rate in Downers Grove, IL is 1.86%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Downers Grove, the typical annual property tax bill reaches $6,847, exceeding the national median of $2,690. Property taxes in Downers Grove 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 Downers Grove'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 Downers Grove 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
Downers Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$6,854
$6,697
Ownwell’s Downers Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Downers Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Downers Grove 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 Downers Grove, Illinois
Property taxes in Downers Grove, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Downers Grove is 1.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Downers Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Downers Grove 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 Downers Grove's effective property tax rate to other areas in DuPage County and the national median. For comparison, the 60439 zip code has the highest median property tax rate of 1.93%, while the 60516 zip code has the lowest median tax rate of 1.86%. Understanding how these areas compare with Downers Grove 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 Downers Grove Tax Rate
1.86%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Downers Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60439 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
| 60515 | 1.63% | 1.79% | 1.86% | 1.91% | 1.96% |
| 60516 | 1.69% | 1.79% | 1.86% | 1.90% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Downers Grove, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Downers Grove, Illinois. Market value represents the price a willing buyer would pay a willing seller in an open 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 Downers Grove, 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 Downers Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $6,881 in the 60515 zip code, while the lowest median tax bill is $2,083 in the 60439 zip code.
Property Tax Assessment Values Across Downers Grove, Illinois
Source: Ownwell
$2,760
$1,600,770
$3,198,780
Average Downers Grove Assessed Value
$368,490
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 Downers Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60439 | $107,760 | $107,760 | $107,760 | $107,760 | $107,760 |
| 60515 | $100,380 | $250,942 | $375,975 | $545,092 | $811,869 |
| 60516 | $147,270 | $259,185 | $364,470 | $436,800 | $556,245 |
Source: Ownwell
Property Tax Bills Across Downers Grove, Illinois
In Downers Grove, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and represents a percentage of the property's market value. Homeowners in this area face a range of property tax bills, influenced by factors such as the home's assessed value and the tax rate set by local taxing authorities. For instance, the median home price in Downers Grove is $368,490. Property tax bills in this region can vary significantly, with the 25th percentile at $4,507 and the 75th percentile reaching $9,019. The 90th percentile tax bill can go up to $12,921, reflecting the variability in property values and tax rates within the area. The highest median tax bill in the region is $6,881 in the 60515 zip code, while the lowest median tax bill is $2,083 in the 60439 zip code. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby influencing the overall cost of homeownership in Downers Grove.
Average Downers Grove Tax Bill
$6,847
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Downers Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60439 | $2,083 | $2,083 | $2,083 | $2,083 | $2,083 |
| 60515 | $1,658 | $4,453 | $6,881 | $10,193 | $15,467 |
| 60516 | $2,636 | $4,546 | $6,831 | $8,272 | $10,674 |
Source: Ownwell