Capron, Illinois Property Taxes
The median property tax rate in Capron, IL is 2.67%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Capron at $212,310, the typical annual property tax bill reaches $5,671, exceeding the national median of $2,690. Property taxes in Capron 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 Capron'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 Capron 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
Capron, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Capron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Capron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Capron 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 Capron, Illinois
Property taxes in Capron, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Capron is 2.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Capron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Capron 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 Capron's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61012 zip code has the highest median property tax rate of 2.67%, while the same 61012 zip code also has the lowest median tax rate of 2.67%. Understanding how these cities compare with Capron 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 Capron Tax Rate
2.67%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Capron, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61012 | 2.67% | 2.67% | 2.67% | 2.67% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Capron, Illinois
In Capron, 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 Capron, 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 and lowest median tax bills in Capron are both $5671, with the zip code 61012 reflecting this value. 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 Capron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Capron Assessed Value
$212,310
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 Capron, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61012 | $212,310 | $212,310 | $212,310 | $212,310 | $212,310 |
Source: Ownwell
Property Tax Bills Across Capron, Illinois
In Capron, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. Homeowners in Capron experience a median property tax bill of $5,671, which is significantly higher than the national median property tax rate of 0.99%. Several factors contribute to the determination of a property tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The local tax rate is set by various taxing authorities such as school districts, municipalities, and other local government entities. These rates are applied to the assessed value to calculate the total tax bill. For homeowners, this means that property taxes can have a substantial impact on their annual expenses. High property tax bills can affect affordability and influence decisions related to homeownership and real estate investments in the area.
Average Capron Tax Bill
$5,671
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Capron, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61012 | $5,671 | $5,671 | $5,671 | $5,671 | $5,671 |
Source: Ownwell