Hazel Crest, Illinois Property Taxes
The median property tax rate in Hazel Crest, IL is 4.92%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hazel Crest at $90,540, the typical annual property tax bill is $4,133, far exceeding the national median of $2,690. Property taxes in Hazel Crest are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hazel Crest'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 Hazel Crest 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
Hazel Crest, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
$3,552
$1,148
Average Hazel Crest, Illinois Tax Savings
Ownwell’s Hazel Crest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazel Crest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazel Crest 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 Hazel Crest. 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 Hazel Crest, Illinois
Property taxes in Hazel Crest, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazel Crest is 4.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hazel Crest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazel Crest 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 Hazel Crest's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60429 zip code has the highest median property tax rate of 4.92%, while the same zip code also has the lowest median tax rate of 4.92%. Understanding how these cities compare with Hazel Crest 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 Hazel Crest Tax Rate
4.92%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazel Crest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60429 | 1.42% | 3.22% | 4.92% | 7.07% | 8.41% |
Source: Ownwell
$1,148
Average Hazel Crest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Hazel Crest, Illinois
In Hazel Crest, 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 Hazel Crest, 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 Hazel Crest 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 $4,133, located in zip code 60429.
Average Hazel Crest Assessed Value
$90,540
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 Hazel Crest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60429 | $29,460 | $51,778 | $90,540 | $113,110 | $141,820 |
Source: Ownwell
$1,148
Average Hazel Crest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Hazel Crest, Illinois
In Hazel Crest, located in Cook County, IL, property tax bills are calculated based on the assessed value of your home, which is derived from its market value. The median home price in this area is $90,540. Tax rates are applied to this assessed value to determine the final tax bill. For example, homeowners in the 25th percentile pay around $1,922, while those in the 75th percentile face bills as high as $6,134. In some cases, tax bills can reach up to $8,090, placing a significant financial burden on homeowners. Several factors influence these tax bills, including local government budgets, school funding requirements, and public services. With the national median property tax rate at 0.99%, Hazel Crest residents often find themselves paying higher rates, making it crucial to explore ways to reduce these costs. Ownwell can assist homeowners by providing expert property tax appeal and exemption services. By analyzing your property’s assessed value and identifying potential discrepancies, Ownwell helps ensure you’re not overpaying, potentially saving you hundreds or even thousands of dollars annually.
Average Hazel Crest Tax Bill
$4,133
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazel Crest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60429 | $703 | $1,922 | $4,133 | $6,134 | $8,090 |
Source: Ownwell
$1,148
Average Hazel Crest 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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