Medinah, Illinois Property Taxes
The median property tax rate in Medinah, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Medinah at $399,660, the typical annual property tax bill reaches $7,555, exceeding the national median of $2,690. Property taxes in Medinah 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 Medinah'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 Medinah 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
Medinah, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$7,713
$7,537
Ownwell’s Medinah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medinah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medinah 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 Medinah, Illinois
Property taxes in Medinah, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medinah is 1.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Medinah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medinah 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 Medinah's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60157 zip code has the highest median property tax rate of 1.93%, while the lowest median tax rate is also 1.93%. Understanding how these cities compare with Medinah 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 Medinah Tax Rate
1.93%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medinah, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60157 | 1.80% | 1.89% | 1.93% | 2.01% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Medinah, Illinois
In Medinah, 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 DuPage County Appraisal District 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. 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 Medinah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 60157, with a median tax bill of $7,555.
Average Medinah Assessed Value
$399,660
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 Medinah, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60157 | $280,620 | $336,420 | $399,660 | $489,315 | $628,110 |
Source: Ownwell
Property Tax Bills Across Medinah, Illinois
In Medinah, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the DuPage County Assessor's office and is typically a percentage of the home's market value. Various factors such as property size, location, and improvements can affect this assessed value. With a median home price of $399,660, homeowners in Medinah see a range of property tax bills. For example, the tax bill at the 25th percentile is around $6,180, while at the 75th percentile, it rises to approximately $9,712. The highest median tax bill in the area is $7,555. These property taxes, which are above the national median rate of 0.99%, can significantly impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Understanding these factors is crucial for homeowners to effectively manage their property-related expenses.
Average Medinah Tax Bill
$7,555
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Medinah, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60157 | $4,673 | $6,180 | $7,555 | $9,712 | $12,981 |
Source: Ownwell