ESTIMATING the Real Estate Tax on a Property Before You Buy
Homebuyers need to plan ahead for property taxes and are well-advised to research the property before they make an offer to purchase a home. Buyer Beware: Do NOT rely on the current taxes on a house to set your budget. Know what your real estate taxes could be before you purchase a home. Buyers can contact the local assessor's office or view the township and county websites to acquire information about the property. By state law, the Assessor only sets the assessed valuation of the property based on a three-year weighted average of sales; they do not determine the tax bill.
Property taxes are called ad valorem ("according to value") taxes, and are calculated annually based on the assessed value of the property. Generally, when a home is sold, the assessed value is reviewed -- the assessor considers the sales price to be a reflection of the fair market value of the homes in the surrounding area.
It's relatively easy to figure out how much to budget for this expense. The first step is to collect the following information:
- Recent assessed value or sales price of the home
- Value of comparable homes in the area
- Improvements that add value to the home
- Exemptions for which the property qualifies for
- Applicable property tax rate set by the taxing authority
To estimate the approximate property tax obligation on a home:
1. Multiply the purchase price by .3333 (If sold as an "Arms Length Transaction") The assessed value of the property is 33-1/3% of its fair cash value
(i.e. a $100,000 purchase price x .3333 = $33,330 assessed value)
2. Deduct any exemptions for which the home or homeowner qualifies from the assessed value. The most common exemption in Kane County is the Homestead Exemption of $6,000 (This exemption is applied to owner occupied homes only)
($33,330 - $6,000 = $27,330 net taxable value)
For a complete list of Kane County exemptions and details on how to apply click HERE
3. Multiply the net taxable value by the current tax rate to find the most likely amount to expect on the tax bill
($27,330 x 10.094897% = $2,759 estimated tax amount)
Multiple exemptions and varying tax rates will affect the calculation outcome.
Contact the Kane County Clerk's office for more details or the Treasurer's office for a chart of average property tax bill by township.
Homeowners may feel unfairly targeted by this particular tax burden however they are necessary to run and operate local government and municipalities. Property taxes pay for schools, libraries, fire protection, police, streets and many other public benefits. For more information on "Where Does My Money Go" check out the Frequently Asked Questions link on the county's website.
Please call our office if you have any questions. My staff and/or I will be glad to discuss them with you. You may reach us at 630.466.5255 from 8:00 a.m. to 4:00 p.m. Monday - Friday.
Curt John Karas
 2019 Median tax rate in Sugar Grove Township
If you need further assistance that cannot be found this website, please contact the office of the Assessor directly at 630-466-5255 or email at firstname.lastname@example.org.
The Assessor is responsible for assessing property at one-third of fair cash value with the exception of farmland, railroad or coal properties which are properties valued by the State of Illinois Department of Revenue. It is always encouraged and highly recommended to discuss your property assessment first and foremost with your local Assessor before ever filing with the Board of Review.
The Assessor is the only elected official with exception to your States’ Attorney that requires a formal education and 2-yr certification along with yearly continuing education and is working directly for you.
Curt John Karas, CIAO CPA MBA
54 Snow Street, P.O. Box 1138
Sugar Grove, IL 60554
Phone: (630) 466-5255
Fax: (630) 466-5253
Monday - Friday 8:00am - 4:00pm
(evening & weekend appointments welcome)
Township of Sugar Grove
Tom Rowe, Supervisor
54 Snow Street, P.O. Box 465
Sugar Grove, IL 60554
Phone: (630) 466-4283
Fax: (630) 409-3150
Tuesdays & Thursdays 8am - 4pm