Park Ridge, Illinois Property Taxes
The median property tax rate in Park Ridge, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Park Ridge at $420,910, the typical annual property tax bill reaches $8,407, exceeding the national median of $2,690. Property taxes in Park Ridge 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 Park Ridge'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 Park Ridge 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
Park Ridge, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$9,092
$8,884
$1,148
Average Park Ridge, Illinois Tax Savings
Ownwell’s Park Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park Ridge 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 Park Ridge. 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 Park Ridge, Illinois
Property taxes in Park Ridge, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Ridge is 2.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Park Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Ridge 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 Park Ridge's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60068 zip code has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Park Ridge 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 Park Ridge Tax Rate
2.16%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60068 | 1.46% | 1.84% | 2.16% | 2.41% | 2.67% |
Source: Ownwell
$1,148
Average Park Ridge Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Park Ridge, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Park Ridge, Illinois. 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 Park Ridge, 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. The median home price in Park Ridge is $420,910, with tax bills ranging from $5,721 at the 25th percentile to $17,512 at the 90th percentile. The zip code 60068 has both the highest and lowest median tax bill, standing at $8,407. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Park Ridge Assessed Value
$420,910
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 Park Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60068 | $168,565 | $320,000 | $420,910 | $550,000 | $732,703 |
Source: Ownwell
$1,148
Average Park Ridge Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Park Ridge, Illinois
In Park Ridge, Cook County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. With a median home price of $420,910, homeowners can expect varied tax bills depending on their property's assessed value and the local tax rate. The tax bill in Park Ridge can range significantly, with the 25th percentile at $5,721 and the 75th percentile at $12,687. Higher-end properties may see tax bills reaching up to $17,512. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. The median tax bill in Park Ridge stands at $8,407, which is considerably higher than the national median property tax rate of 0.99%. Ownwell can assist homeowners in reducing their property tax bills by providing expert property tax appeal services. By ensuring that properties are accurately assessed and identifying potential exemptions, Ownwell helps homeowners save on their annual property taxes, making homeownership more affordable.
Average Park Ridge Tax Bill
$8,407
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Ridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60068 | $2,780 | $5,721 | $8,407 | $12,687 | $17,512 |
Source: Ownwell
$1,148
Average Park Ridge 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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