Woodlawn, Illinois Property Taxes
The median property tax rate in Woodlawn, IL is 1.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Woodlawn at $79,762, the typical annual property tax bill reaches $1,434, exceeding the national median of $2,690. Property taxes in Woodlawn 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 Woodlawn'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 Woodlawn 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
Woodlawn, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Woodlawn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodlawn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodlawn 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 Woodlawn, Illinois
Property taxes in Woodlawn, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodlawn is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Woodlawn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodlawn 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 Woodlawn's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62898 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these areas compare with Woodlawn provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodlawn Tax Rate
1.94%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodlawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62898 | 0.67% | 1.54% | 1.94% | 2.28% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Woodlawn, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodlawn, Illinois. The market value represents 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 Jefferson 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 Woodlawn, 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 Woodlawn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62898, with a median bill of $1,434, while the lowest median tax bill is also in 62898, with the same value.
Average Woodlawn Assessed Value
$79,762
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodlawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62898 | $14,166 | $34,220 | $79,762 | $134,834 | $186,661 |
Source: Ownwell
Property Tax Bills Across Woodlawn, Illinois
In Woodlawn, Jefferson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Several factors influence this calculation, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to determine the tax bill. Homeowners in Woodlawn experience a range of property tax bills. For instance, the 25th percentile tax bill is $465, while the 75th percentile reaches $2,550. At the 90th percentile, the tax bill can be as high as $3,751. Comparatively, the median home price in Woodlawn is $79,762, which influences these tax figures. Understanding how these taxes are calculated helps homeowners budget effectively and anticipate their financial obligations. With the national median property tax rate at 0.99%, Woodlawn's property tax rates provide a localized perspective on how property taxes can vary significantly based on specific regional factors.
Average Woodlawn Tax Bill
$1,434
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodlawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62898 | $169 | $465 | $1,434 | $2,550 | $3,751 |
Source: Ownwell