Coal City, Illinois Property Taxes
The median property tax rate in Coal City, 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 Coal City, the typical annual property tax bill reaches $2,919, exceeding the national median of $2,690. Property taxes in Coal City 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 Coal City'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 Coal City 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
Coal City, 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 Coal City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coal City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coal City 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 Coal City, Illinois
Property taxes in Coal City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coal City is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Coal City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coal City 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 Coal City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60416 has the highest median property tax rate of 1.94%, while the lowest median tax rate is also 1.94% in the same zip code. Understanding how these cities compare with Coal City provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coal City Tax Rate
1.94%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coal City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | 1.07% | 1.49% | 1.94% | 2.22% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Coal City, Illinois
In Coal City, 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 Will 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 Coal City, 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 Coal City 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 60416, with a median tax bill of $2,919, which is significantly above the national median property tax rate of 0.99%.
Average Coal City Assessed Value
$138,464
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coal City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $80,847 | $83,696 | $138,464 | $200,938 | $217,658 |
Source: Ownwell
Property Tax Bills Across Coal City, Illinois
In Coal City, located in Will 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 typically represents a percentage of the property's market value. Once the assessed value is established, local tax rates, which are set by various taxing entities such as school districts, municipalities, and other special districts, are applied to determine the final tax bill. Several factors influence the total tax bill, including the home's assessed value, applicable exemptions, and the specific tax rates of the taxing entities within the county. For instance, Coal City homeowners face a median property tax bill of $2,919, which is significantly higher than the national median property tax rate of 0.99%. Depending on the value and location of their property, homeowners in Coal City may see tax bills ranging from $1,589 at the 25th percentile to $4,080 at the 90th percentile. These property taxes fund essential local services such as public education, infrastructure, and emergency services, impacting the overall cost of homeownership.
Average Coal City Tax Bill
$2,919
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Coal City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $1,037 | $1,589 | $2,919 | $3,991 | $4,080 |
Source: Ownwell