Glenwood, Illinois Property Taxes
The median property tax rate in Glenwood, IL is 3.90%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Glenwood at $115,630, the typical annual property tax bill reaches $4,231, far exceeding the national median of $2,690. Property taxes in Glenwood 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 Glenwood'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 Glenwood 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
Glenwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.9%
Estimate Property Tax Bill
$4,510
$4,407
$1,148
Average Glenwood, Illinois Tax Savings
Ownwell’s Glenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenwood 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 Glenwood. 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 Glenwood, Illinois
Property taxes in Glenwood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenwood is 3.90%, significantly higher than the U.S. national median of 0.99%. Local government entities within Glenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glenwood 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 Glenwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60425 zip code has the highest median property tax rate of 3.90%, while the same zip code also has the lowest median tax rate of 3.90%. Understanding how these cities compare with Glenwood 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 Glenwood Tax Rate
3.90%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glenwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60425 | 1.50% | 2.88% | 3.90% | 5.33% | 5.39% |
Source: Ownwell
$1,148
Average Glenwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Glenwood, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Glenwood, Illinois. 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 Glenwood, 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. For instance, the median home price in Glenwood is $115,630, with tax bills ranging from $2,412 at the 25th percentile to $7,012 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes in Glenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Glenwood Assessed Value
$115,630
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 Glenwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60425 | $46,236 | $84,170 | $115,630 | $137,870 | $153,136 |
Source: Ownwell
$1,148
Average Glenwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Glenwood, Illinois
In Glenwood, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. For Cook County, the assessment ratio is 10% for residential properties. Local tax rates are then applied to this assessed value to determine your tax bill. The median home price in Glenwood is $115,630, leading to a range of tax bills. For instance, the 25th percentile tax bill is $2,412, while the 75th percentile reaches $5,765, and the 90th percentile can be as high as $7,012. These numbers highlight the significant impact property taxes can have on homeowners. Ownwell can help reduce these burdens by providing expert property tax appeal services. By analyzing your property’s assessed value and comparing it with similar properties, Ownwell can identify discrepancies and file appeals on your behalf. This can potentially lower your assessed value and, consequently, your tax bill, offering substantial savings for homeowners in Glenwood.
Average Glenwood Tax Bill
$4,231
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60425 | $1,022 | $2,412 | $4,231 | $5,765 | $7,012 |
Source: Ownwell
$1,148
Average Glenwood Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
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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