Kinsman, Illinois Property Taxes
The median property tax rate in Kinsman, IL is 3.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kinsman at $97,536, the typical annual property tax bill reaches $3,532, exceeding the national median of $2,690. Property taxes in Kinsman 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 Kinsman'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 Kinsman 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
Kinsman, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.15%
Estimate Property Tax Bill
$3,072
$2,851
Ownwell’s Kinsman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kinsman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kinsman 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 Kinsman, Illinois
Property taxes in Kinsman, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kinsman is 3.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kinsman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kinsman 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 Kinsman's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60437 zip code has the highest median property tax rate of 3.15%, while the same zip code also has the lowest median tax rate of 3.15%. Understanding how these cities compare with Kinsman provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kinsman Tax Rate
3.15%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kinsman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60437 | 2.83% | 2.83% | 3.15% | 3.46% | 3.87% |
Source: Ownwell
Property Tax Assessment Values Across Kinsman, 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 Grundy 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 Kinsman, 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 Kinsman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,532 in the 60437 zip code, identical to the lowest median tax bill, emphasizing the uniformity in property tax assessments within this region.
Average Kinsman Assessed Value
$97,536
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kinsman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60437 | $29,909 | $66,008 | $97,536 | $153,386 | $271,291 |
Source: Ownwell
Property Tax Bills Across Kinsman, Illinois
In Kinsman, Grundy County, IL, property tax bills are determined based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which is then multiplied by the tax rate set by local taxing authorities. This rate is influenced by various factors, including funding needs for public services such as schools, infrastructure, and emergency services. For homeowners in Kinsman, the median home price is $97,536. Property tax bills vary significantly, with the 25th percentile at $1,907 and the 75th percentile at $5,726. The 90th percentile sees bills as high as $8,907. The highest median tax bill in the area is $3,532, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. High property taxes can impact affordability and influence decisions on property investments.
Average Kinsman Tax Bill
$3,532
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kinsman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60437 | $943 | $1,907 | $3,532 | $5,726 | $8,907 |
Source: Ownwell