Aurora, Illinois Property Taxes
The median property tax rate in Aurora, IL is 3.15%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Aurora at $298,358, the typical annual property tax bill reaches $9,327, far exceeding the national median of $2,690. Property taxes in Aurora are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Aurora'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 Aurora 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
Aurora, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.15%
Estimate Property Tax Bill
$9,398
$8,721
Ownwell’s Aurora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aurora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aurora 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 Aurora, Illinois
Property taxes in Aurora, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aurora is 2.22%, higher than both the Illinois state median of 2.12% and the U.S. national median of 0.99%. Local government entities within Aurora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aurora 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 Aurora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60503 zip code has the highest median property tax rate of 2.45%, while the 60504 zip code has the lowest median tax rate of 1.98%. Understanding how these areas compare with Aurora 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 Aurora Tax Rate
3.15%
Average Kendall County Tax Rate
2.83%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60503 | 2.98% | 3.05% | 3.16% | 3.18% | 3.22% |
| 60504 | 2.85% | 3.03% | 3.07% | 3.10% | 3.36% |
Source: Ownwell
Property Tax Assessment Values Across Aurora, Illinois
In Aurora, 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 Kendall County Appraisal District 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 Aurora, 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, homeowners in the 60503 zip code face the highest median tax bill at $9,397, while those in the 60504 zip code have the lowest median tax bill at $6,513. 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 Aurora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Aurora Assessed Value
$298,358
Average Kendall County Assessed Value
$264,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60503 | $177,513 | $204,244 | $300,850 | $330,977 | $354,732 |
| 60504 | $185,961 | $202,989 | $212,745 | $224,118 | $233,853 |
Source: Ownwell
Property Tax Bills Across Aurora, Illinois
In Aurora, IL, property tax bills are calculated based on the assessed value of a home and the tax rate set by Kendall County. The assessed value is typically a percentage of the property's market value. For example, with a median home price of $298,358, the assessed value forms the basis for the tax calculation. The tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property characteristics, local government budgets, and school district funding needs. In Aurora, the median property tax rate can result in substantial annual tax bills. Homeowners in the 25th percentile can expect to pay around $6,226, while those in the 75th percentile might see bills as high as $10,425. The highest median tax bill in the area is $9,397 in the 60503 zip code, contrasting with the lowest median tax bill of $6,513 in the 60504 zip code. These tax bills significantly impact homeowners, influencing decisions on buying, selling, and property improvements.
Average Aurora Tax Bill
$9,327
Average Kendall County Tax Bill
$7,273
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Aurora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60503 | $5,129 | $6,226 | $9,397 | $10,472 | $11,277 |
| 60504 | $5,636 | $6,141 | $6,513 | $7,223 | $7,370 |
Source: Ownwell