Bellwood, Illinois Property Taxes
The median property tax rate in Bellwood, IL is 4.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bellwood at $155,390, the typical annual property tax bill reaches $5,850, far exceeding the national median of $2,690. Property taxes in Bellwood are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bellwood'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 Bellwood 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
Bellwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.02%
Estimate Property Tax Bill
$6,247
$6,104
$1,148
Average Bellwood, Illinois Tax Savings
Ownwell’s Bellwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bellwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bellwood to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Bellwood. 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 Bellwood, Illinois
Property taxes in Bellwood, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellwood is 4.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bellwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellwood 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 Bellwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60104 in Bellwood itself has the highest median property tax rate of 4.02%, while the same zip code also holds the lowest median tax rate of 4.02%. Understanding how these rates compare with Bellwood provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellwood Tax Rate
4.02%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60104 | 0.87% | 3.07% | 4.02% | 4.31% | 5.17% |
Source: Ownwell
$1,148
Average Bellwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Bellwood, Illinois
In Bellwood, 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 Cook County Assessor's Office 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 Bellwood, 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 Bellwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $155,390, with tax bills ranging from $3,396 at the 25th percentile to $8,091 at the 90th percentile. The highest and lowest median tax bills are both $5,850 in the 60104 zip code.
Average Bellwood Assessed Value
$155,390
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60104 | $103,246 | $140,090 | $155,390 | $172,230 | $181,970 |
Source: Ownwell
$1,148
Average Bellwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Bellwood, Illinois
In Bellwood, located in Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Bellwood stands at $155,390, and property tax bills can vary significantly, with the 25th percentile at $3,396 and the 75th percentile reaching $7,198. The highest median tax bill in the area is $5,850, reflecting the substantial impact property taxes have on homeowners. Several factors influence the tax bill, including property size, location, and improvements made to the home. High property taxes can be a financial burden for homeowners, but Ownwell offers a solution. By providing expert property tax appeal and exemption services, Ownwell can help homeowners in Bellwood potentially reduce their tax bills, ensuring they only pay their fair share. This can result in significant savings and more manageable expenses for homeowners.
Average Bellwood Tax Bill
$5,850
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60104 | $1,140 | $3,396 | $5,850 | $7,198 | $8,091 |
Source: Ownwell
$1,148
Average Bellwood Tax Savings
Save on your property taxes & more with Ownwell.
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Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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