Port Barrington, Illinois Property Taxes
The median property tax rate in Port Barrington, IL is 3.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $278,259 in Port Barrington, the typical annual property tax bill reaches $8,305, far exceeding the national median of $2,690. Property taxes in Port 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 Port 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 Port 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
Port Barrington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$8,376
$8,184
Ownwell’s Port Barrington Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Port Barrington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Port Barrington to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Port Barrington, Illinois
Property taxes in Port Barrington, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Barrington is 3.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Port Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port 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 Port Barrington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60010 zip code has the highest median property tax rate of 3.01%, while the 60010 zip code also has the lowest median tax rate of 3.01%. Understanding how these areas compare with Port 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 Port Barrington Tax Rate
3.01%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.79% | 2.92% | 3.01% | 3.07% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Port Barrington, Illinois
In Port 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's Office 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. Assessment notices in Port Barrington 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 Port Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in the 60010 zip code, each at $8,305, compared to the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Port Barrington, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Port Barrington Assessed Value
$278,259
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 Port Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $151,516 | $197,709 | $278,259 | $318,087 | $341,896 |
Source: Ownwell
Property Tax Bills Across Port Barrington, Illinois
In Port Barrington, 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. The tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Port Barrington, the median home price is $278,259, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $5,788, while the 75th percentile tax bill reaches $9,594. The 90th percentile tax bill goes up to $10,501, reflecting the higher end of property values in the area. Comparatively, the national median property tax rate is 0.99%, making McHenry County's rates notably higher. This can impact homeowners by increasing their annual expenses, potentially affecting their budget and financial planning. Understanding these factors is crucial for homeowners to anticipate their property tax obligations accurately.
Average Port Barrington Tax Bill
$8,305
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $4,274 | $5,788 | $8,305 | $9,594 | $10,501 |
Source: Ownwell