Sleepy Hollow, Illinois Property Taxes
The median property tax rate in Sleepy Hollow, IL is 2.57%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $334,890 in Sleepy Hollow, the typical annual property tax bill reaches $8,469, far exceeding the national median of $2,690. Property taxes in Sleepy Hollow are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sleepy Hollow'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 Sleepy Hollow or another part of Kane County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sleepy Hollow, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$8,607
$8,410
Ownwell’s Sleepy Hollow Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sleepy Hollow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sleepy Hollow 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 Kane County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sleepy Hollow, Illinois
Property taxes in Sleepy Hollow, Illinois, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Sleepy Hollow is 2.57%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Sleepy Hollow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sleepy Hollow 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 Sleepy Hollow's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60118 zip code has the highest median property tax rate of 2.57%, while the 60118 zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Sleepy Hollow 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 Sleepy Hollow Tax Rate
2.57%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sleepy Hollow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60118 | 2.41% | 2.47% | 2.57% | 2.59% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Sleepy Hollow, Illinois
In Sleepy Hollow, 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 Sleepy Hollow, 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 Sleepy Hollow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60118 has both the highest and lowest median tax bill at $8,469.
Property Tax Assessment Values Across Sleepy Hollow, Illinois
Source: Ownwell
$142,312
$365,554
$588,796
Average Sleepy Hollow Assessed Value
$334,890
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 Sleepy Hollow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60118 | $262,500 | $295,468 | $334,890 | $372,468 | $415,441 |
Source: Ownwell
Property Tax Bills Across Sleepy Hollow, Illinois
In Sleepy Hollow, 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 is a percentage of the property's market value. For instance, if the median home price in Sleepy Hollow is $334,890, the assessed value would be a fraction of this amount. Factors such as the property's location, size, and age, as well as any improvements or renovations, are considered in this assessment. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. In Sleepy Hollow, the tax bills can vary significantly, with the 25th percentile at $7,393 and the 75th percentile at $9,578. The highest median tax bill in the area is $8,469, which is significantly higher than the national median property tax rate of 0.99%. This can have a substantial impact on homeowners, influencing their overall housing costs and potentially affecting decisions related to buying or selling property in the area.
Average Sleepy Hollow Tax Bill
$8,469
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sleepy Hollow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60118 | $6,297 | $7,393 | $8,469 | $9,578 | $10,749 |
Source: Ownwell