Channahon, Illinois Property Taxes
The median property tax rate in Channahon, IL is 2.67%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Channahon, the typical annual property tax bill reaches $6,780, exceeding the national median of $2,690. Property taxes in Channahon 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 Channahon'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 Channahon 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
Channahon, 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 Channahon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Channahon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Channahon 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 Channahon, Illinois
Property taxes in Channahon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Channahon is 2.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Channahon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Channahon 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 Channahon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60410 zip code has the highest median property tax rate of 2.67%, while the same zip code also has the lowest median tax rate of 2.67%. Understanding how these cities compare with Channahon provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Channahon Tax Rate
2.67%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Channahon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60410 | 2.36% | 2.57% | 2.67% | 2.73% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Channahon, Illinois
In Channahon, 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 Will County Appraisal District 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 Channahon, 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 Channahon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60410 has both the highest and lowest median tax bill at $6,780.
Average Channahon Assessed Value
$254,964
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Channahon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60410 | $174,953 | $209,710 | $254,964 | $306,160 | $368,514 |
Source: Ownwell
Property Tax Bills Across Channahon, Illinois
In Channahon, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the market value of the property. Homeowners in Channahon can expect property tax bills that vary significantly, influenced by factors such as property size, location, and market conditions. The tax rate in Channahon is applied to the assessed value to determine the annual tax bill. Homeowners in this area face property tax bills ranging from $5,468 at the 25th percentile to $10,010 at the 90th percentile, with a median home price of $254,964. This means that while some residents may pay less, others could see higher tax bills, reflecting the variability in property values and the local tax rate. Compared to the national median property tax rate of 0.99%, Channahon's property tax bills are relatively high, which can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners when budgeting for their property-related costs.
Average Channahon Tax Bill
$6,780
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Channahon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60410 | $4,145 | $5,468 | $6,780 | $8,251 | $10,010 |
Source: Ownwell