Kane, Illinois Property Taxes
The median property tax rate in Kane, IL is 2.17%, 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 $3,914, significantly 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
2.17%
Estimate Property Tax Bill
$3,540
$3,285
Ownwell’s Kane Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities effectively. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is the value determined by the county for property tax calculations, taking into account any applicable exemptions.
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 2.17%, significantly higher than both the Illinois state median 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 county is also 2.17%, while the lowest median tax rate is 2.17%. Understanding how these cities 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
2.17%
Average Jersey County Tax Rate
2.18%
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 | 1.70% | 2.11% | 2.17% | 2.32% | 2.34% |
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 local 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 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. The highest median tax bill in Kane is $3914 in the 62054 zip code, while the lowest is also $3914 in the same zip code.
Average Kane Assessed Value
$163,132
Average Jersey County Assessed Value
$130,268
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 | $31,834 | $108,619 | $163,132 | $199,155 | $222,648 |
Source: Ownwell
Property Tax Bills Across Kane, Illinois
Property tax bills in Kane, Illinois, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and the local tax rate. In Kane, the median home price is $163,132, and property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $2,638, while those in the 75th percentile face bills of approximately $4,763. The highest tax bills, in the 90th percentile, can reach up to $5,319. Compared to the national median property tax rate of 0.99%, homeowners in Kane experience a higher burden. This can significantly impact household budgets, making it crucial for homeowners to understand how their tax bill is determined and explore potential exemptions or appeals to reduce their financial load.
Average Kane Tax Bill
$3,914
Average Jersey County Tax Bill
$2,776
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 | $1,295 | $2,638 | $3,914 | $4,763 | $5,319 |
Source: Ownwell