South Barrington, Illinois Property Taxes
The median property tax rate in South Barrington, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in South Barrington at $2,391,051, the typical annual property tax bill reaches $63,513, far exceeding the national median of $2,690. Property taxes in South 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 South 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 South 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
South Barrington, 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 South Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Barrington 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 South Barrington, Illinois
Property taxes in South Barrington, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Barrington is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within South Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Barrington's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60010 zip code has the highest median property tax rate of 2.66%, while the 60010 zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with South 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 South Barrington Tax Rate
2.66%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.66% | 2.66% | 2.66% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across South Barrington, Illinois
In South 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 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 South Barrington, 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 South Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $63,513, with the zip code 60010.
Property Tax Assessment Values Across South Barrington, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average South Barrington Assessed Value
$2,391,051
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 South Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $2,391,051 | $2,391,051 | $2,391,051 | $2,391,051 | $2,391,051 |
Source: Ownwell
Property Tax Bills Across South Barrington, Illinois
In South Barrington, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the home. For instance, with a median home price of $2,391,051, the assessed value forms the basis for the property tax calculation. The tax rate in South Barrington is then applied to this assessed value to determine the annual tax bill. Factors such as property location within McHenry County, property size, and any applicable exemptions can influence the final tax amount. Homeowners in South Barrington face a median tax bill of $63,513, which is significantly higher than the national median property tax rate of 0.99%. This high tax burden can impact homeowners by increasing the overall cost of owning property in the area. Understanding these factors is crucial for homeowners to anticipate and manage their annual property tax expenses effectively.
Average South Barrington Tax Bill
$63,513
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $63,513 | $63,513 | $63,513 | $63,513 | $63,513 |
Source: Ownwell