Mchenry, Illinois Property Taxes
The median property tax rate in McHenry, IL is 2.83%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in McHenry at $202,110, the typical annual property tax bill reaches $5,541, exceeding the national median of $2,690. Property taxes in McHenry 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 McHenry'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 McHenry 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
Mchenry, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.83%
Estimate Property Tax Bill
$5,720
$5,308
Ownwell’s McHenry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McHenry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McHenry 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 Mchenry, Illinois
Property taxes in McHenry, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McHenry is 2.83%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within McHenry set these rates annually, and they can vary significantly across different neighborhoods. Each year, McHenry 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 McHenry's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60098 zip code has the highest median property tax rate of 2.95%, while the 60051 zip code has the lowest median tax rate of 2.65%. Understanding how these cities compare with McHenry 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 Mchenry Tax Rate
2.83%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mchenry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | 2.95% | 2.95% | 2.95% | 2.95% | 2.95% |
| 60050 | 2.31% | 2.69% | 2.87% | 2.97% | 3.17% |
| 60051 | 2.18% | 2.34% | 2.65% | 2.86% | 2.98% |
| 60098 | 2.95% | 2.95% | 2.95% | 2.95% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Mchenry, Illinois
In McHenry, 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 McHenry, 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 McHenry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in McHenry is $5,666 in the 60050 zip code, while the lowest median tax bill is $1,492 in the 60098 zip code.
Average Mchenry Assessed Value
$202,110
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 Mchenry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $101,910 | $101,910 | $101,910 | $101,910 | $101,910 |
| 60050 | $122,571 | $164,433 | $202,368 | $255,909 | $331,238 |
| 60051 | $122,795 | $158,032 | $200,704 | $307,408 | $394,881 |
| 60098 | $50,583 | $50,583 | $50,583 | $50,583 | $50,583 |
Source: Ownwell
Property Tax Bills Across Mchenry, Illinois
In McHenry, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property's location, size, and condition play a significant role in the assessment process. Homeowners in McHenry can expect varying property tax bills. For instance, the tax bill at the 25th percentile is approximately $4,105, while those at the 75th percentile face a bill around $7,510. The highest median tax bill in McHenry is $5,666 in the zip code 60050, whereas the lowest median tax bill is $1,492 in the zip code 60098. These property taxes can significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, McHenry’s rates can be seen as relatively high, reflecting the region's property values and local government funding needs.
Average Mchenry Tax Bill
$5,541
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mchenry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $3,006 | $3,006 | $3,006 | $3,006 | $3,006 |
| 60050 | $2,821 | $4,370 | $5,666 | $7,366 | $9,681 |
| 60051 | $2,794 | $3,745 | $5,173 | $8,032 | $10,843 |
| 60098 | $1,492 | $1,492 | $1,492 | $1,492 | $1,492 |
Source: Ownwell