Northwoods, Illinois Property Taxes
The median property tax rate in Northwoods, IL is 2.73%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Northwoods at $335,685, the typical annual property tax bill reaches $9,114, far exceeding the national median of $2,690. Property taxes in Northwoods 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 Northwoods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Northwoods 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
Northwoods, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Northwoods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northwoods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northwoods 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 Northwoods, Illinois
Property taxes in Northwoods, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Northwoods is 2.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Northwoods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northwoods 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 Northwoods' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60185 zip code has the highest median property tax rate of 2.73%, while the same zip code also has the lowest median tax rate of 2.73%. Understanding how these cities compare with Northwoods provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northwoods Tax Rate
2.73%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northwoods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60185 | 2.60% | 2.65% | 2.73% | 2.76% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Northwoods, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Northwoods, 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 DuPage 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. Assessment notices in Northwoods 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 Northwoods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both occur in zip code 60185, standing at $9,114.
Average Northwoods Assessed Value
$335,685
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northwoods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60185 | $267,393 | $303,712 | $335,685 | $386,625 | $438,219 |
Source: Ownwell
Property Tax Bills Across Northwoods, Illinois
In Northwoods, DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The county assessor determines this assessed value, and it's then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $335,685 in Northwoods, homeowners can expect a median tax bill around $9,114, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Tax rates can also vary depending on the funding needs of local services such as schools, emergency services, and infrastructure projects. For Northwoods homeowners, the tax bill can range significantly, with the 25th percentile at $8,166 and the 75th percentile reaching $10,430. This substantial tax burden can impact homeowners' budgets, making it crucial to understand and potentially appeal property assessments to ensure fair taxation.
Average Northwoods Tax Bill
$9,114
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Northwoods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60185 | $6,834 | $8,166 | $9,114 | $10,430 | $11,867 |
Source: Ownwell