Barrington, Illinois Property Taxes
The median property tax rate in Barrington, IL is 2.62%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Barrington at $622,508, the typical annual property tax bill reaches $16,448, significantly exceeding the national median of $2,690. Property taxes in Barrington 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 Barrington'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 Barrington 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
Barrington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$16,310
$15,135
Ownwell’s Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrington 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 Barrington, Illinois
Property taxes in Barrington, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrington is 2.62%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barrington 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 Barrington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60010 zip code has both the highest and lowest median property tax rates of 2.62%. Understanding how these cities compare with Barrington provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barrington Tax Rate
2.62%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.35% | 2.55% | 2.62% | 2.68% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Barrington, Illinois
In Barrington, 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 McHenry 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 Barrington, 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. 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 Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Barrington is $16,448, with the highest and lowest median tax bills both found in the 60010 zip code.
Property Tax Assessment Values Across Barrington, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Barrington Assessed Value
$622,508
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $302,217 | $442,515 | $622,508 | $847,964 | $1,160,488 |
Source: Ownwell
Property Tax Bills Across Barrington, Illinois
In Barrington, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Barrington face significant tax bills, with the median home price at $622,508. The tax bill at the 25th percentile is $11,287, while at the 75th percentile, it rises to $22,366. For those in the 90th percentile, the tax bill can reach as high as $31,034. These substantial property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. The tax rate in Barrington is notably higher than the national median property tax rate of 0.99%, reflecting the region's higher property values and local tax requirements. Homeowners need to be aware of these factors when purchasing property, as the tax burden can affect long-term affordability and investment returns.
Average Barrington Tax Bill
$16,448
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $7,990 | $11,287 | $16,448 | $22,366 | $31,034 |
Source: Ownwell