Wayne, Illinois Property Taxes
The median property tax rate in Wayne, IL is 2.44%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wayne at $483,405, the typical annual property tax bill reaches $11,763, far exceeding the national median of $2,690. Property taxes in Wayne 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 Wayne'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 Wayne 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
Wayne, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$11,795
$10,946
Ownwell’s Wayne Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wayne with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Wayne to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in trends at the neighborhood level, further localized information is available by scrolling down. Your property’s assessed value, assigned by DuPage County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Wayne, Illinois
Property taxes in Wayne, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayne is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayne 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 Wayne's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60184 zip code has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Wayne 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 Wayne Tax Rate
2.44%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60184 | 2.32% | 2.37% | 2.44% | 2.47% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Wayne, Illinois
In Wayne, 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. In Wayne, 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 Wayne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wayne are both $11,763, found in zip code 60184.
Average Wayne Assessed Value
$483,405
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 Wayne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60184 | $134,190 | $349,800 | $483,405 | $576,038 | $699,558 |
Source: Ownwell
Property Tax Bills Across Wayne, Illinois
In Wayne, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $483,405, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. In Wayne, property tax bills can range significantly, with the 25th percentile at $8,172 and the 75th percentile at $14,239, reflecting the variability in property assessments and local tax rates. The 90th percentile tax bill can go up to $17,451, indicating higher taxes for more valuable properties. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life in the community. With a median tax bill of $11,763 in the 60184 zip code, Wayne's property taxes are notably higher than the national median property tax rate of 0.99%.
Average Wayne Tax Bill
$11,763
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60184 | $3,687 | $8,172 | $11,763 | $14,239 | $17,451 |
Source: Ownwell