Long Grove, Illinois Property Taxes
The median property tax rate in Long Grove, IL is 3.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Long Grove at $628,165, the typical annual property tax bill reaches $19,376, far exceeding the national median of $2,690. Property taxes in Long 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 Long 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 Long 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
Long Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.09%
Estimate Property Tax Bill
$19,410
$18,967
Ownwell’s Long Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long 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 Long Grove, Illinois
Property taxes in Long Grove, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Grove is 3.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Long Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long 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 Long Grove's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60060 zip code has the highest median property tax rate of 3.24%, while the 60047 zip code has the lowest median tax rate of 3.08%. Understanding how these areas compare with Long Grove provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Grove Tax Rate
3.09%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | 2.92% | 3.01% | 3.08% | 3.15% | 3.19% |
| 60060 | 3.14% | 3.22% | 3.24% | 3.26% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Long Grove, Illinois
In Long Grove, 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 Lake 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 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 Long Grove is $20,653 in zip code 60060, while the lowest is $19,278 in zip code 60047. 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 Long Grove Assessed Value
$628,165
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Long Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | $456,705 | $529,925 | $627,666 | $759,259 | $922,073 |
| 60060 | $539,292 | $589,691 | $637,303 | $715,380 | $767,686 |
Source: Ownwell
Property Tax Bills Across Long Grove, Illinois
In Long Grove, Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, the median home price in Long Grove is $628,165. Homeowners at the 25th percentile can expect a tax bill around $16,102, while those at the 75th percentile might see bills closer to $23,560. At the 90th percentile, tax bills can reach up to $28,466. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Long Grove residents often face higher rates, reflecting the region's premium property values. These taxes fund essential local services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. While higher tax bills can be a burden, they also contribute to maintaining and enhancing community amenities.
Average Long Grove Tax Bill
$19,376
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | $13,632 | $16,013 | $19,278 | $23,589 | $28,681 |
| 60060 | $17,249 | $18,800 | $20,653 | $22,889 | $24,817 |
Source: Ownwell