Big Rock, Illinois Property Taxes
The median property tax rate in Big Rock, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Big Rock, the typical annual property tax bill reaches $6,097, exceeding the national median of $2,690. Property taxes in Big Rock 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 Big Rock'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 Big Rock 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
Big Rock, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$6,178
$6,037
Ownwell’s BIG ROCK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG ROCK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG ROCK 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 Big Rock, Illinois
Property taxes in Big Rock, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Rock is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Big Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Rock 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 Big Rock's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60511 zip code has the highest median property tax rate of 2.30%, while the same 60511 zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Big Rock 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 Big Rock Tax Rate
2.30%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60511 | 2.12% | 2.23% | 2.30% | 2.43% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Big Rock, Illinois
In Big Rock, 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 Assessor's 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 Big Rock, 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. For instance, the median home price in Big Rock is $268,628, with tax bills ranging from $4,947 at the 25th percentile to $10,380 at the 90th percentile. The zip code 60511 has the highest median tax bill at $6,097. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Rock Assessed Value
$268,628
Average Kane County Assessed Value
$253,745
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60511 | $175,360 | $214,501 | $268,628 | $338,134 | $450,341 |
Source: Ownwell
Property Tax Bills Across Big Rock, Illinois
In Big Rock, located in Kane County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value typically represents a percentage of the property's market value. The local tax rate is then applied to the assessed value to determine the annual tax bill. In Big Rock, the median home price is $268,628, and the property tax rate is above the national median of 0.99%. Homeowners in Big Rock experience varying tax bills, with the 25th percentile paying around $4,947 and the 75th percentile facing bills up to $7,699. At the higher end, the 90th percentile of homeowners pay as much as $10,380. This variation in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. High property taxes can be a burden, especially when compared to the national median, making it essential for homeowners to understand their tax liabilities and seek potential exemptions or appeals to manage their expenses effectively.
Average Big Rock Tax Bill
$6,097
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60511 | $3,997 | $4,947 | $6,097 | $7,699 | $10,380 |
Source: Ownwell