Elgin, Illinois Property Taxes
The median property tax rate in Elgin, IL is 2.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elgin at $296,700, the typical annual property tax bill reaches $6,866, exceeding the national median of $2,690. Property taxes in Elgin 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 Elgin'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 Elgin 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
Elgin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$6,854
$6,697
Ownwell’s Elgin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elgin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elgin 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 Elgin, Illinois
Property taxes in Elgin, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elgin is 2.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgin 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 Elgin's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60120 zip code has both the highest and the lowest median property tax rate of 2.31%. Understanding how these cities compare with Elgin provides valuable insights into the varying tax landscape across DuPage, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elgin Tax Rate
2.31%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60120 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Elgin, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elgin, 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 DuPage County Assessor's 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 Elgin, 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 Elgin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60120 has the highest and lowest median tax bills, both valued at $6,866.
Average Elgin Assessed Value
$296,700
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 Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60120 | $296,700 | $296,700 | $296,700 | $296,700 | $296,700 |
Source: Ownwell
Property Tax Bills Across Elgin, Illinois
In Elgin, located in DuPage County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The county assessor determines this assessed value, and it is then multiplied by the local tax rate to calculate the property tax bill. For instance, with a median home price of $296,700, homeowners in Elgin face significant property tax bills. The median property tax bill in the area stands at $6,866, which is notably higher than the national median property tax rate of 0.99%. This high tax bill reflects the relatively high property values and local tax rates in the area. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. For homeowners, this means that property taxes can be a substantial annual expense, impacting their overall cost of homeownership and financial planning.
Average Elgin Tax Bill
$6,866
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60120 | $6,866 | $6,866 | $6,866 | $6,866 | $6,866 |
Source: Ownwell