Diamond, Illinois Property Taxes
The median property tax rate in Diamond, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Diamond at $260,498, the typical annual property tax bill reaches $5,431, exceeding the national median of $2,690. Property taxes in Diamond 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 Diamond'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 Diamond 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
Diamond, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$5,549
$5,422
Ownwell’s Diamond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diamond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diamond 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 Diamond, Illinois
Property taxes in Diamond, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Diamond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond 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 Diamond's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60416 zip code has the highest median property tax rate of 2.13%, while the 60416 zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Diamond 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 Diamond Tax Rate
2.13%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diamond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | 1.78% | 1.94% | 2.13% | 2.33% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Diamond, Illinois
In Diamond, 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. 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 Diamond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60416 has the highest and lowest median tax bill at $5,431.
Average Diamond Assessed Value
$260,498
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 Diamond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $160,802 | $206,084 | $260,498 | $290,870 | $292,878 |
Source: Ownwell
Property Tax Bills Across Diamond, Illinois
In Diamond, located in Will County, IL, property tax bills are calculated based on the assessed value of your home. This assessed value is typically a percentage of the market value, determined by the local tax assessor. Factors such as property size, location, and improvements can influence this value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Diamond, the property tax rate is notably higher than the national median of 0.99%. The median home price in Diamond is $260,498, and tax bills can vary significantly. The 25th percentile tax bill is $4,297, while the 75th percentile reaches $6,156. At the 90th percentile, homeowners may see tax bills as high as $6,404. These figures highlight the substantial impact property taxes can have on homeowners in Diamond, making it crucial to understand and manage these costs effectively.
Average Diamond Tax Bill
$5,431
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $3,314 | $4,297 | $5,431 | $6,156 | $6,404 |
Source: Ownwell