Algonquin, Mchenry County, Illinois Property Taxes

Name: Property Tax Bills Across Algonquin, Mchenry County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Algonquin, IL effective property tax rate: 2.64%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Algonquin, IL home value: $279,441
Median annual Algonquin, IL tax bill: $7,296, $4,896 higher than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

Property taxes in Algonquin, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Algonquin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Algonquin, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Algonquin, Mchenry County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.64%

Estimate Property Tax Bill

$7,377

$6,846

Ownwell’s Algonquin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Algonquin with just two data points. By entering your property's estimated assessed value, our calculator applies Algonquin’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McHenry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Algonquin, Mchenry County, Illinois

Local government entities set tax rates, which can vary widely within Illinois. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Algonquin in McHenry County has an effective property tax rate that stands out when compared to other cities in Illinois. The median property tax rate in Algonquin is 2.64%, which is significantly higher than the national median property tax rate of 1.02%. This indicates that property owners in Algonquin might face higher tax bills compared to the national average. However, it's essential to understand that these rates fund crucial local services, including schools, infrastructure, and emergency services. By comparing Algonquin's rate with the state and national medians, residents can gain a better understanding of their tax obligations and the value of services received in return.

Property Tax Rates Across Algonquin, Mchenry County, Illinois

Source: Ownwell

2.29%

2.72%

3.15%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Algonquin Taxx Rate

2.64%

Median Effective Mchenry County Taxx Rate

2.75%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Algonquin, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60102	2.41%	2.54%	2.64%	2.70%	2.82%

Source: Ownwell

Property Tax Assessment Values Across Algonquin, Mchenry County, Illinois

When examining property taxes in Algonquin, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McHenry County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In McHenry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Algonquin. For example, the median home price in Algonquin is $279,441, with tax bills ranging significantly across the county. Zip code 60102 has the highest median home price at $279,441.

Property Tax Assessment Values Across Algonquin, Mchenry County, Illinois

Source: Ownwell

$134,019

$378,264

$622,508

Median Algonquin Market Value

$279,441

Median Mchenry County Market Value

$241,654

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Algonquin, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60102	$173,304	$222,375	$279,441	$358,557	$425,802

Source: Ownwell

Property Tax Bills Across Algonquin, Mchenry County, Illinois

In Algonquin, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Algonquin, the median home price is approximately $279,441. The property tax bill for the 25th percentile is around $5,551, while the 75th percentile reaches $9,396, and the 90th percentile is at $11,351. The median property tax bill stands at $7,296, significantly higher than the national median of $2,400. These taxes fund essential local services, but they can be a substantial financial burden for homeowners. This is where Ownwell comes in. By leveraging expert knowledge and resources, Ownwell helps homeowners navigate the property tax appeal process, ensuring they only pay their fair share. By identifying potential inaccuracies in assessments, Ownwell can assist homeowners in reducing their tax bills, providing much-needed financial relief.

Property Tax Bills Across Algonquin, Mchenry County, Illinois

Source: Ownwell

$3,508

$9,978

$16,448

Median Algonquin Tax Bill

$7,296

Median Mchenry County Tax Bill

$6,534

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Algonquin, Mchenry County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60102	$4,315	$5,551	$7,296	$9,396	$11,351

Source: Ownwell