Fox River Grove, Illinois Property Taxes
The median property tax rate in Fox River Grove, IL is 3.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fox River Grove, the typical annual property tax bill reaches $7,449, exceeding the national median of $2,690. Property taxes in Fox River 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 Fox River 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 Fox River 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
Fox River Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.15%
Estimate Property Tax Bill
$7,851
$7,285
Ownwell’s FOX RIVER GROVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FOX RIVER GROVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FOX RIVER 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 Fox River Grove, Illinois
Property taxes in Fox River Grove, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fox River Grove is 2.02%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Fox River Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fox River 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 Fox River Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60021 zip code has the highest median property tax rate of 2.02%, while the same zip code has the lowest median tax rate of 2.02%. Understanding how these cities compare with Fox River Grove 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 Fox River Grove Tax Rate
3.15%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fox River Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60021 | 2.23% | 2.83% | 3.15% | 3.28% | 3.44% |
Source: Ownwell
Property Tax Assessment Values Across Fox River Grove, Illinois
In FOX RIVER 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 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 FOX RIVER GROVE, 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 FOX RIVER GROVE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In FOX RIVER GROVE, the zip code 60021 has the highest and lowest median tax bill, both at $7,449. The median home price in the area is $249,234, with tax bills ranging from $5,082 at the 25th percentile to $12,043 at the 90th percentile.
Property Tax Assessment Values Across Fox River Grove, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Fox River Grove Assessed Value
$249,234
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 Fox River Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60021 | $125,051 | $183,072 | $249,234 | $312,750 | $395,513 |
Source: Ownwell
Property Tax Bills Across Fox River Grove, Illinois
In Fox River Grove, McHenry County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. Factors such as home improvements, market conditions, and neighborhood changes can influence this assessed value. Homeowners in Fox River Grove can expect tax bills to vary significantly. The 25th percentile tax bill is around $5,082, while the 75th percentile reaches $9,838, and the 90th percentile can be as high as $12,043. These figures highlight the substantial range in tax liabilities, which can impact household budgets differently. Compared to the national median property tax rate of 0.99%, residents in Fox River Grove often experience higher property tax bills, reflecting the region's specific market and assessment practices. The highest and lowest median tax bills in the area are both $7,449, indicating a consistent tax rate within the 60021 zip code. This system ensures that property taxes are proportionate to the value and condition of each home.
Average Fox River Grove Tax Bill
$7,449
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fox River Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60021 | $3,258 | $5,082 | $7,449 | $9,838 | $12,043 |
Source: Ownwell