Aroma Park, Illinois Property Taxes
The median property tax rate in Aroma Park, IL is 3.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Aroma Park, the typical annual property tax bill reaches $2,916, exceeding the national median of $2,690. Property taxes in Aroma Park 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 Aroma Park'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 Aroma Park 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
Aroma Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.15%
Estimate Property Tax Bill
$2,918
$2,708
Ownwell’s Aroma Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aroma Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aroma Park 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 Aroma Park, Illinois
Property taxes in Aroma Park, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aroma Park is 3.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Aroma Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aroma Park 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 Aroma Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60910 zip code has both the highest and lowest median property tax rate of 3.15%. Understanding how these cities compare with Aroma Park provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aroma Park Tax Rate
3.15%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aroma Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60910 | 3.05% | 3.15% | 3.15% | 3.15% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Aroma Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Aroma Park, 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 Kankakee 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. In Aroma Park, 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. For instance, the highest median tax bill in Aroma Park is $2,916 in the 60910 zip code, which is also the lowest median 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Aroma Park Assessed Value
$92,649
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aroma Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60910 | $48,842 | $73,818 | $92,649 | $109,878 | $159,511 |
Source: Ownwell
Property Tax Bills Across Aroma Park, Illinois
In Aroma Park, Kankakee County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Factors such as the property's location, size, and improvements can influence the assessed value. For homeowners in Aroma Park, the median home price is $92,649. Property tax bills can vary significantly, with the 25th percentile at $2,324 and the 75th percentile at $3,459. At the 90th percentile, taxes can reach up to $4,813. Compared to the national median property tax rate of 0.99%, homeowners in Aroma Park may experience varying tax burdens based on their property's assessed value and applicable tax rates. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and budget accordingly.
Average Aroma Park Tax Bill
$2,916
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Aroma Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60910 | $1,568 | $2,324 | $2,916 | $3,459 | $4,813 |
Source: Ownwell