Chatsworth, Illinois Property Taxes
The median property tax rate in Chatsworth, IL is 1.26%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Chatsworth at $32,850, the typical annual property tax bill reaches $415, which is significantly below the national median of $2,690. Property taxes in Chatsworth 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 Chatsworth'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 Chatsworth or another part of Ford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chatsworth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$414
$404
Ownwell’s Chatsworth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatsworth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatsworth to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Chatsworth, Illinois
Property taxes in Chatsworth, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatsworth is 1.26%, which is higher than the U.S. national median of 0.99%. Local government entities within Chatsworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatsworth 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 Chatsworth's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60921 has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these areas compare with Chatsworth provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatsworth Tax Rate
1.26%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60921 | 0.26% | 0.64% | 1.26% | 1.82% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Chatsworth, Illinois
In Chatsworth, 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 Ford County Appraisal District 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 Chatsworth, 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 Chatsworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Chatsworth is $32,850, with tax bills ranging from $210 at the 25th percentile to $2,284 at the 90th percentile. The highest and lowest median tax bills, both at $415, are found in the 60921 zip code.
Average Chatsworth Assessed Value
$32,850
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60921 | $32,706 | $32,760 | $32,850 | $74,175 | $98,970 |
Source: Ownwell
Property Tax Bills Across Chatsworth, Illinois
In Chatsworth, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which in Chatsworth has a median home price of $32,850. Local tax authorities then apply the tax rate to this assessed value to determine the tax bill. The tax rate in this region can vary, but it is influenced by the funding needs of local services such as schools, infrastructure, and emergency services. Homeowners in Chatsworth can expect their property tax bills to fall within a range, with the 25th percentile at $210 and the 75th percentile reaching up to $1,583. At the higher end, the 90th percentile sees tax bills around $2,284. The highest and lowest median tax bills in the area both stand at $415 in the 60921 zip code. Compared to the national median property tax rate of 0.99%, Chatsworth's rates reflect the local economic conditions and funding requirements, directly impacting homeowners' annual expenses.
Average Chatsworth Tax Bill
$415
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60921 | $87 | $210 | $415 | $1,583 | $2,284 |
Source: Ownwell