Prairie Grove, Illinois Property Taxes
The median property tax rate in Prairie Grove, IL is 3.08%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Prairie Grove, the typical annual property tax bill reaches $11,291, far exceeding the national median of $2,690. Property taxes in Prairie Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prairie 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 Prairie 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
Prairie Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.08%
Estimate Property Tax Bill
$11,503
$10,675
Ownwell’s Prairie Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie 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 McHenry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Prairie Grove, Illinois
Property taxes in Prairie Grove, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie Grove is 3.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Prairie Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie 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 Prairie Grove's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60012 zip code has the highest median property tax rate of 3.08%, while the 60014 zip code has the lowest median tax rate of 2.86%. Understanding how these areas compare with Prairie 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 Prairie Grove Tax Rate
3.08%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | 3.08% | 3.08% | 3.08% | 3.17% | 3.22% |
| 60014 | 2.86% | 2.86% | 2.86% | 2.86% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Prairie Grove, Illinois
In Prairie 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. 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 Prairie Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60012 has the highest median tax bill at $17,502, while 60014 has the lowest at $5,081.
Property Tax Assessment Values Across Prairie Grove, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Prairie Grove Assessed Value
$373,490
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 Prairie Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | $130,768 | $295,110 | $569,013 | $583,436 | $592,089 |
| 60014 | $177,966 | $177,966 | $177,966 | $177,966 | $177,966 |
Source: Ownwell
Property Tax Bills Across Prairie Grove, Illinois
In Prairie Grove, property tax bills are calculated based on the assessed value of a home, which is determined by the McHenry County Assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Prairie Grove face a median home price of $373,490, with property tax bills varying significantly across the area. For instance, the tax bill at the 25th percentile is $3,983, while at the 75th percentile, it rises to $17,731. Several factors influence these tax bills, including the home's location, size, and any applicable exemptions. Prairie Grove's property tax rate can result in substantial financial implications for homeowners. For example, in the zip code 60012, the highest median tax bill reaches $17,502, while in the zip code 60014, it is significantly lower at $5,081. Compared to the national median property tax rate of 0.99%, Prairie Grove homeowners may find their tax bills considerably higher, impacting their overall cost of homeownership.
Average Prairie Grove Tax Bill
$11,291
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60012 | $4,053 | $9,096 | $17,502 | $17,960 | $18,235 |
| 60014 | $5,081 | $5,081 | $5,081 | $5,081 | $5,081 |
Source: Ownwell