Sugar Grove, Illinois Property Taxes
The median property tax rate in Sugar Grove, IL is 2.89%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sugar Grove at $315,885, the typical annual property tax bill reaches $8,436, far exceeding the national median of $2,690. Property taxes in Sugar 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 Sugar 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 Sugar 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
Sugar 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 Sugar Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sugar Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sugar 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 Sugar Grove, Illinois
Property taxes in Sugar Grove, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sugar Grove is 2.89%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sugar Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sugar 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 Sugar Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60554 zip code has both the highest and lowest median property tax rate of 2.89%. Understanding how these cities compare with Sugar 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 Sugar Grove Tax Rate
2.89%
Average Kane County Tax Rate
2.60%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sugar Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60554 | 2.27% | 2.57% | 2.89% | 2.98% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Sugar Grove, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sugar Grove, Illinois. 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 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. Assessment notices in Sugar Grove 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. The median home price in Sugar Grove is $315,885, with tax bills ranging from $6,622 at the 25th percentile to $12,515 at the 90th percentile. The highest and lowest median tax bills are both $8,436 in the 60554 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Average Sugar Grove Assessed Value
$315,885
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 Sugar Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60554 | $195,399 | $244,158 | $315,885 | $369,944 | $432,873 |
Source: Ownwell
Property Tax Bills Across Sugar Grove, Illinois
In Sugar Grove, located in Kane County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax authorities determine the assessed value, and various factors such as property size, location, and improvements are considered. The tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $315,885, homeowners in Sugar Grove can expect a range of tax bills. The 25th percentile tax bill is around $6,622, while the 75th percentile tax bill reaches approximately $10,542. At the 90th percentile, homeowners might see tax bills as high as $12,515. This can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. In Sugar Grove, the highest and lowest median tax bills both stand at $8,436, indicating a relatively consistent tax burden across different properties. Understanding these factors can help homeowners plan and manage their finances more effectively.
Average Sugar Grove Tax Bill
$8,436
Average Kane County Tax Bill
$6,484
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sugar Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60554 | $5,194 | $6,622 | $8,436 | $10,542 | $12,515 |
Source: Ownwell