Woodridge, Illinois Property Taxes
The median property tax rate in Woodridge, IL is 3.19%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $679,238, the typical annual property tax bill in Woodridge reaches $21,617, far exceeding the national median of $2,690. Property taxes in Woodridge are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Woodridge'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 Woodridge 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
Woodridge, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.19%
Estimate Property Tax Bill
$21,668
$21,173
Ownwell’s Woodridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodridge 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 Woodridge, Illinois
Property taxes in Woodridge, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodridge is 3.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Woodridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodridge 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 Woodridge's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60517 zip code has the highest median property tax rate of 3.19%, while the 60517 zip code also has the lowest median tax rate of 3.19%. Understanding how these cities compare with Woodridge 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 Woodridge Tax Rate
3.19%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60517 | 2.99% | 3.18% | 3.19% | 3.20% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Woodridge, Illinois
In Woodridge, 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 Woodridge, 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 Woodridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $21,617, found in the 60517 zip code.
Average Woodridge Assessed Value
$679,238
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 Woodridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60517 | $607,162 | $657,448 | $679,238 | $737,637 | $768,776 |
Source: Ownwell
Property Tax Bills Across Woodridge, Illinois
In Woodridge, located in Will County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Woodridge is $679,238, which significantly affects the tax bill homeowners face. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. In Woodridge, the 25th percentile tax bill is $20,398, while the 75th percentile reaches $23,404, and the 90th percentile is $24,544. These figures illustrate the range of tax burdens homeowners may encounter. Compared to the national median property tax rate of 0.99%, Woodridge's tax rates can result in higher tax bills, reflecting the area's property values and local economic conditions. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Woodridge Tax Bill
$21,617
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60517 | $18,525 | $20,398 | $21,617 | $23,404 | $24,544 |
Source: Ownwell