Spring Grove, Illinois Property Taxes
The median property tax rate in Spring Grove, IL is 2.68%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $318,396 in Spring Grove, the typical annual property tax bill reaches $8,400, far exceeding the national median of $2,690. Property taxes in Spring 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 Spring 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 Spring Grove or another part of McHenry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$8,533
$7,918
Ownwell’s Spring Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring 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 Spring Grove, Illinois
Property taxes in Spring Grove, Illinois, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Grove is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Spring Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring 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 Spring Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60081 zip code has both the highest and lowest median property tax rate of 2.68%. Understanding how these areas compare with Spring 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 Spring Grove Tax Rate
2.68%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60081 | 2.36% | 2.54% | 2.68% | 2.73% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Spring Grove, Illinois
In Spring 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 Spring 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 Spring Grove 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 found in zip code 60081, each at $8,400.
Property Tax Assessment Values Across Spring Grove, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Spring Grove Assessed Value
$318,396
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 Spring Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60081 | $162,438 | $243,609 | $318,396 | $367,558 | $418,074 |
Source: Ownwell
Property Tax Bills Across Spring Grove, Illinois
In Spring Grove, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the home's market value. Various factors are considered, including the home's size, location, and condition, as well as comparable sales in the area. Homeowners in Spring Grove can expect property tax bills that vary significantly. The 25th percentile tax bill is around $5,993, while the 75th percentile reaches $9,917. For those in the 90th percentile, tax bills can be as high as $11,520. These figures highlight the variability in tax obligations, which can be influenced by neighborhood characteristics and specific property attributes. Compared to the national median property tax rate of 0.99%, Spring Grove's tax rates can result in higher annual bills, impacting homeowners' financial planning and budgeting. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their finances more effectively.
Average Spring Grove Tax Bill
$8,400
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60081 | $3,681 | $5,993 | $8,400 | $9,917 | $11,520 |
Source: Ownwell