Schaumburg, Illinois Property Taxes
The median property tax rate in Schaumburg, IL is 2.35%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Schaumburg at $171,120, the typical annual property tax bill reaches $4,022, exceeding the national median of $2,690. Property taxes in Schaumburg are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Schaumburg'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 Schaumburg 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
Schaumburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,021
$3,929
Ownwell’s Schaumburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schaumburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schaumburg 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 Schaumburg, Illinois
Property taxes in Schaumburg, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Schaumburg is 2.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Schaumburg set these rates annually, and they can vary across different neighborhoods. Each year, Schaumburg 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 Schaumburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60196 zip code has the highest median property tax rate of 2.35%, while the 60196 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Schaumburg 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 Schaumburg Tax Rate
2.35%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schaumburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60196 | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Schaumburg, Illinois
In Schaumburg, 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 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 Schaumburg, 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. Schaumburg's median home price stands at $171,120, with the median tax bill being $4,022. The zip code 60196 consistently shows both the highest and lowest median tax bills at $4,022. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Schaumburg Assessed Value
$171,120
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 Schaumburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60196 | $171,120 | $171,120 | $171,120 | $171,120 | $171,120 |
Source: Ownwell
Property Tax Bills Across Schaumburg, Illinois
In Schaumburg, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a property. The assessment process evaluates the market value of the home, which is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $171,120, homeowners can expect a significant tax bill. The median property tax rate in Schaumburg is notably high, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $4,022, indicating a consistent tax rate across different property values. This tax burden can significantly impact homeowners, influencing their financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Schaumburg's rate is considerably higher, reflecting the region's specific fiscal policies and funding needs. Homeowners in the 60196 zip code, where the highest and lowest median tax bills are both $4,022, should be prepared for these expenses as part of their homeownership costs.
Average Schaumburg Tax Bill
$4,022
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Schaumburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60196 | $4,022 | $4,022 | $4,022 | $4,022 | $4,022 |
Source: Ownwell