Rolling Meadows, Illinois Property Taxes
The median property tax rate in Rolling Meadows, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Rolling Meadows at $240,010, the typical annual property tax bill reaches $4,900, exceeding the national median of $2,690. Property taxes in Rolling Meadows 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 Rolling Meadows' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rolling Meadows 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
Rolling Meadows, 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 Rolling Meadows, Illinois Tax Savings
Ownwell’s Rolling Meadows Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rolling Meadows with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rolling Meadows 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 Rolling Meadows. 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 Rolling Meadows, Illinois
Property taxes in Rolling Meadows, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rolling Meadows is 2.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rolling Meadows set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rolling Meadows 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 Rolling Meadows' effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60008 has the highest median property tax rate of 2.18%, while the same zip code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with Rolling Meadows 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 Rolling Meadows Tax Rate
2.18%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rolling Meadows, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60008 | 1.33% | 1.78% | 2.18% | 2.54% | 2.82% |
Source: Ownwell
$1,148
Average Rolling Meadows Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Rolling Meadows, Illinois
In Rolling Meadows, 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 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 Rolling Meadows, 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 Rolling Meadows helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rolling Meadows is $240,010, with tax bills ranging from $2,703 at the 25th percentile to $10,087 at the 90th percentile. The zip code 60008 has both the highest and lowest median tax bill of $4,900.
Property Tax Assessment Values Across Rolling Meadows, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Rolling Meadows Assessed Value
$240,010
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 Rolling Meadows, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60008 | $99,580 | $137,060 | $240,010 | $290,000 | $384,790 |
Source: Ownwell
$1,148
Average Rolling Meadows Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Rolling Meadows, Illinois
In Rolling Meadows, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $240,010, homeowners can expect varying tax bills. At the 25th percentile, bills are around $2,703, while at the 75th percentile, they rise to $6,521, and at the 90th percentile, they can reach up to $10,087. These tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Ownwell provides valuable assistance by helping homeowners appeal their property assessments and apply for exemptions, potentially lowering their tax burden. By leveraging expert knowledge and local data, Ownwell ensures homeowners in Rolling Meadows can achieve the most accurate and fair property tax bills possible.
Average Rolling Meadows Tax Bill
$4,900
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Rolling Meadows, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60008 | $1,348 | $2,703 | $4,900 | $6,521 | $10,087 |
Source: Ownwell
$1,148
Average Rolling Meadows 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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