Niles, Illinois Property Taxes
The median property tax rate in Niles, IL is 1.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Niles at $314,875, the typical annual property tax bill reaches $5,252, exceeding the national median of $2,690. Property taxes in Niles 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 Niles'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 Niles 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
Niles, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
$3,552
$1,148
Average Niles, Illinois Tax Savings
Ownwell’s Niles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niles 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 Niles. 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 Niles, Illinois
Property taxes in Niles, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niles is 1.74%, higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Niles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niles 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 Niles' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60714 zip code has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Niles 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 Niles Tax Rate
1.74%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Niles, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60714 | 0.99% | 1.42% | 1.74% | 2.04% | 2.31% |
Source: Ownwell
$1,148
Average Niles Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Niles, Illinois
In Niles, 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 Niles, 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 Niles 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 $5252, found in the 60714 zip code.
Average Niles Assessed Value
$314,875
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 Niles, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60714 | $166,185 | $250,000 | $314,875 | $360,000 | $430,000 |
Source: Ownwell
$1,148
Average Niles Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Niles, Illinois
In Niles, Cook County, IL, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. The median home price in Niles is $314,875. Tax rates are applied to this assessed value to determine the tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $3,430, while those in the 75th percentile face bills closer to $6,738, and the 90th percentile sees bills up to $8,341. Compared to the national median property tax rate of 0.99%, Niles homeowners often experience higher tax burdens. This can impact household budgets significantly, making it crucial for homeowners to ensure their assessments are accurate. Ownwell assists by offering expert property tax appeal and exemption services, potentially lowering your tax bill. Our team reviews your property’s assessment, identifies discrepancies, and files appeals on your behalf, helping you save money and reduce financial stress.
Average Niles Tax Bill
$5,252
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Niles, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60714 | $2,076 | $3,430 | $5,252 | $6,738 | $8,341 |
Source: Ownwell
$1,148
Average Niles 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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