Kane, Illinois Property Taxes
The median property tax rate in Kane, IL is 1.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kane, the typical annual property tax bill reaches $758, exceeding the national median of $2,690. Property taxes in Kane 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 Kane'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 Kane 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
Kane, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$892
$872
Ownwell’s Kane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kane 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 Kane, Illinois
Property taxes in Kane, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kane is 2.19%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Kane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kane 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 Kane's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in the region is also 2.19%, while the lowest is the same at 2.19%. Understanding how these areas compare with Kane provides valuable insights into the varying tax landscape across Kane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kane Tax Rate
1.91%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kane, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62054 | 0.81% | 1.41% | 1.91% | 2.59% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Kane, Illinois
In Kane, 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 Kane County Assessment 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 Kane, 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 Kane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kane Assessed Value
$46,714
Average Greene County Assessed Value
$57,802
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kane, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62054 | $8,873 | $23,745 | $46,714 | $70,494 | $107,522 |
Source: Ownwell
Property Tax Bills Across Kane, Illinois
In Kane, IL, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor. This assessed value is a percentage of your property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. Several factors influence your property tax bill, including changes in the market value of your home, local government budgets, and the specific tax rate in your area. For instance, in Kane, the tax bill can range significantly, with the 25th percentile at $296 and the 75th percentile reaching $1,362. Homeowners in the 90th percentile can see tax bills as high as $2,230. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. However, the variability in tax bills can impact homeowners' financial planning, making it essential to understand how these factors come together to determine your specific tax obligation.
Average Kane Tax Bill
$758
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kane, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62054 | $145 | $296 | $758 | $1,362 | $2,230 |
Source: Ownwell