Posen, Illinois Property Taxes
The median property tax rate in Posen, IL is 2.96%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Posen, the typical annual property tax bill reaches $2,740, exceeding the national median of $2,690. Property taxes in Posen 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 Posen'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 Posen 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
Posen, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.96%
Estimate Property Tax Bill
$3,182
$3,109
$1,148
Average Posen, Illinois Tax Savings
Ownwell’s Posen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Posen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Posen 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 Posen. 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 Posen, Illinois
Property taxes in Posen, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Posen is 2.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Posen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Posen 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 Posen's effective property tax rate to other areas in Cook County and the national median. For comparison, the zip code 60469 has the highest median property tax rate of 2.96%, while the same zip code also has the lowest median tax rate of 2.96%. Understanding how these cities compare with Posen 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 Posen Tax Rate
2.96%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Posen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60469 | 1.66% | 2.10% | 2.96% | 3.77% | 4.07% |
Source: Ownwell
$1,148
Average Posen Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Posen, Illinois
In Posen, 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. 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 Posen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Posen is $107,500, with median tax bills ranging from $1,422 at the 25th percentile to $4,872 at the 90th percentile. The highest and lowest median tax bills are both $2,740 in zip code 60469.
Average Posen Assessed Value
$107,500
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 Posen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60469 | $53,347 | $65,002 | $107,500 | $121,742 | $140,261 |
Source: Ownwell
$1,148
Average Posen Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Posen, Illinois
In Posen, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $107,500, homeowners can expect a median tax bill around $2,740. However, tax bills can vary widely, with the 25th percentile at $1,422 and the 75th percentile reaching $3,894, and some even as high as $4,872. Several factors influence these calculations, including local government budgets, school district funding, and public services. High property taxes can significantly impact homeowners, making it essential to ensure assessments are fair and accurate. This is where Ownwell can help. By providing expert property tax appeal and exemption services, Ownwell assists homeowners in challenging over-assessments, potentially lowering their tax bills and ensuring they only pay their fair share.
Average Posen Tax Bill
$2,740
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Posen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60469 | $756 | $1,422 | $2,740 | $3,894 | $4,872 |
Source: Ownwell
$1,148
Average Posen Tax Savings
Save on your property taxes & more with Ownwell.
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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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