Pingree Grove, Illinois Property Taxes
The median property tax rate in Pingree Grove, IL is 2.80%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pingree Grove at $249,883, the typical annual property tax bill reaches $6,238, far exceeding the national median of $2,690. Property taxes in Pingree Grove 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 Pingree Grove'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 Pingree Grove 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
Pingree Grove, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Pingree Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pingree Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pingree Grove 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 Pingree Grove, Illinois
Property taxes in Pingree Grove, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pingree Grove is 2.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pingree Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pingree Grove 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 Pingree Grove's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60140 zip code has the highest median property tax rate of 2.80%, while the same zip code also has the lowest median tax rate of 2.80%. Understanding how these areas compare with Pingree Grove 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 Pingree Grove Tax Rate
2.80%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pingree Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | 2.10% | 2.23% | 2.80% | 2.90% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Pingree Grove, Illinois
In Pingree Grove, 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 Pingree Grove, 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 Pingree Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,238, found in zip code 60140.
Property Tax Assessment Values Across Pingree Grove, Illinois
Source: Ownwell
$142,312
$365,554
$588,796
Average Pingree Grove Assessed Value
$249,883
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 Pingree Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $174,880 | $193,256 | $249,883 | $312,972 | $350,196 |
Source: Ownwell
Property Tax Bills Across Pingree Grove, Illinois
In Pingree Grove, 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. This assessed value is a percentage of the home's market value. Once the assessed value is established, local tax rates, known as millage rates, are applied to calculate the actual tax bill. Several factors influence the final tax bill, including the home's location, property type, and any applicable exemptions or deductions. For instance, the median home price in Pingree Grove is $249,883, resulting in significant tax bills. Homeowners in the 25th percentile face tax bills around $5,051, while those in the 75th percentile see bills closer to $8,583. The highest tax bills, found in the 90th percentile, can reach up to $9,634. These property taxes fund essential community services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the overall quality of life in the area. Despite the high property tax rates, these contributions are crucial for maintaining and improving local amenities and services.
Average Pingree Grove Tax Bill
$6,238
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pingree Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60140 | $4,384 | $5,051 | $6,238 | $8,583 | $9,634 |
Source: Ownwell