Polo, Illinois Property Taxes
The median property tax rate in Polo, IL is 2.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Polo, the typical annual property tax bill reaches $2,364, which is still below the national median of $2,690. Property taxes in Polo are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Polo'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 Polo 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
Polo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$2,379
$2,207
Ownwell’s Polo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Polo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polo 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 Polo, Illinois
Property taxes in Polo, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Polo is 2.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Polo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polo 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 Polo's effective property tax rate to other areas in Illinois and the national median. For comparison, the highest and lowest median property tax rates in Polo both stand at 2.29%, as observed in the zip code 61064. Understanding how these figures compare with Polo provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Polo Tax Rate
2.29%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61064 | 1.53% | 1.98% | 2.29% | 2.54% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Polo, Illinois
In Polo, 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 Ogle County Assessment 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. In Polo, 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 Polo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Polo is $103,866, with the highest median tax bill recorded in the 61064 zip code at $2,364. The lowest median tax bill is also in the 61064 zip code, at the same value of $2,364.
Average Polo Assessed Value
$103,866
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Polo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61064 | $52,279 | $74,499 | $103,866 | $147,984 | $199,315 |
Source: Ownwell
Property Tax Bills Across Polo, Illinois
In Polo, located in Ogle County, IL, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the property tax rate set by local authorities. Homeowners in Polo experience a range of tax bills depending on their property's value and specific circumstances. For instance, the median home price in Polo is $103,866. The property tax bills can vary significantly, with the 25th percentile tax bill at $1,583 and the 75th percentile at $3,399. In some cases, tax bills can reach up to $4,798, as seen in the 90th percentile. These figures illustrate how property taxes can impact homeowners differently, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Polo's property tax rates can seem relatively high, affecting the overall affordability and cost of homeownership in the area.
Average Polo Tax Bill
$2,364
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Polo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61064 | $1,003 | $1,583 | $2,364 | $3,399 | $4,798 |
Source: Ownwell