South Elgin, Illinois Property Taxes
The median property tax rate in South Elgin, IL is 2.66%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in South Elgin at $254,676, the typical annual property tax bill reaches $6,605, far exceeding the national median of $2,690. Property taxes in South Elgin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding South Elgin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of South Elgin 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
South Elgin, 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 South Elgin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Elgin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Elgin 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 South Elgin, Illinois
Property taxes in South Elgin, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Elgin is 2.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Elgin 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 South Elgin's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60124 zip code has the highest median property tax rate of 2.71%, while the 60177 zip code has the lowest median tax rate of 2.66%. Understanding how these cities compare with South Elgin 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 South Elgin Tax Rate
2.66%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60124 | 2.68% | 2.70% | 2.71% | 2.78% | 2.87% |
| 60177 | 2.43% | 2.56% | 2.66% | 2.76% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across South Elgin, Illinois
In South Elgin, 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 South Elgin, 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 South Elgin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In South Elgin, the median home price is $254,676. The zip code with the highest median tax bill is 60124, with a tax bill of $15,801, while the lowest is 60177, with a tax bill of $6,599.
Average South Elgin Assessed Value
$254,676
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 South Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60124 | $485,908 | $522,495 | $569,306 | $590,725 | $623,957 |
| 60177 | $154,307 | $192,926 | $254,553 | $330,867 | $432,884 |
Source: Ownwell
Property Tax Bills Across South Elgin, Illinois
In South Elgin, 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. The tax rate, applied to this assessed value, is set by various taxing authorities, including school districts, municipalities, and special districts. In South Elgin, the median home price is $254,676, and homeowners can expect to pay a property tax bill that varies significantly. For instance, the 25th percentile tax bill is $4,909, while the 75th percentile tax bill reaches $8,939. For those at the 90th percentile, the tax bill can be as high as $11,944. Comparatively, the national median property tax rate is 0.99%, highlighting how property taxes in South Elgin can be considerably higher. These taxes fund essential local services, such as public education and infrastructure, directly impacting the quality of life for homeowners.
Average South Elgin Tax Bill
$6,605
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Elgin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60124 | $12,567 | $13,916 | $15,801 | $16,222 | $17,479 |
| 60177 | $3,746 | $4,906 | $6,599 | $8,916 | $11,914 |
Source: Ownwell