Midlothian, Illinois Property Taxes
The median property tax rate in Midlothian, IL is 3.38%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $132,110 in Midlothian, the typical annual property tax bill reaches $4,398, far exceeding the national median of $2,690. Property taxes in Midlothian 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 Midlothian'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 Midlothian 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
Midlothian, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.38%
Estimate Property Tax Bill
$4,465
$4,363
$1,148
Average Midlothian, Illinois Tax Savings
Ownwell’s Midlothian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midlothian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midlothian to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Midlothian. 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 Midlothian, Illinois
Property taxes in Midlothian, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midlothian is 3.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Midlothian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midlothian 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 Midlothian's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60445 zip code has the highest median property tax rate of 3.38%, while the same zip code also has the lowest median tax rate of 3.38%. Understanding how these cities compare with Midlothian provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midlothian Tax Rate
3.38%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midlothian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60445 | 1.80% | 2.91% | 3.38% | 3.78% | 4.52% |
Source: Ownwell
$1,148
Average Midlothian Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Midlothian, Illinois
In Midlothian, 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 Cook County Assessor's 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 Midlothian, 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 Midlothian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Midlothian are both $4,398, found in the zip code 60445.
Average Midlothian Assessed Value
$132,110
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midlothian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60445 | $76,520 | $116,470 | $132,110 | $148,258 | $188,908 |
Source: Ownwell
$1,148
Average Midlothian Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Midlothian, Illinois
In Midlothian, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the home's market value, which is reviewed periodically. Various factors like property size, location, and improvements play a significant role in this assessment. For instance, a home with a median price of $132,110 might see tax bills ranging from $3,284 at the 25th percentile to $6,895 at the 90th percentile. The median tax bill in the area stands at $4,398, which is significantly higher than the national median property tax rate of 0.99%. High property taxes can be a burden for homeowners, but Ownwell offers expert property tax appeal and exemption services to help reduce these costs. By analyzing your property's assessed value and comparing it with similar properties, Ownwell identifies discrepancies and files appeals on your behalf. This process ensures you pay only your fair share, potentially saving you hundreds or even thousands of dollars annually.
Average Midlothian Tax Bill
$4,398
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Midlothian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60445 | $1,486 | $3,284 | $4,398 | $5,402 | $6,895 |
Source: Ownwell
$1,148
Average Midlothian Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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