Villa Park, Illinois Property Taxes
The median property tax rate in Villa Park, IL is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Villa Park at $254,310, the typical annual property tax bill reaches $5,689, exceeding the national median of $2,690. Property taxes in Villa Park 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 Villa Park'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 Villa Park 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
Villa Park, 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 Villa Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Villa Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Villa Park 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 Villa Park, Illinois
Property taxes in Villa Park, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Villa Park is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Villa Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Villa Park 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 Villa Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60181 zip code has the highest median property tax rate of 2.37%, while the 60181 zip code also has the lowest median tax rate of 2.37%. Understanding how these areas compare with Villa Park 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 Villa Park Tax Rate
2.37%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Villa Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60181 | 1.72% | 2.16% | 2.37% | 2.43% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Villa Park, Illinois
In Villa Park, 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 DuPage 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 Villa Park, 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. The median home price in Villa Park stands at $254,310, with property tax bills ranging from $4,309 at the 25th percentile to $6,968 at the 75th percentile, and reaching up to $8,826 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. Being aware of these valuation processes in Villa Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Villa Park Assessed Value
$254,310
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 Villa Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60181 | $155,880 | $199,942 | $254,310 | $304,628 | $375,570 |
Source: Ownwell
Property Tax Bills Across Villa Park, Illinois
In Villa Park, DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as local government budgets, school district funding, and public services contribute to the tax rate. For homeowners in Villa Park, the tax burden can vary significantly. The 25th percentile of tax bills is around $4,309, while the 75th percentile reaches $6,968. For those at the higher end, the 90th percentile sees tax bills as high as $8,826. The median home price in Villa Park is $254,310, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, Villa Park's tax rates can result in higher annual costs for homeowners. Understanding these factors can help residents better anticipate their financial obligations and plan accordingly.
Average Villa Park Tax Bill
$5,689
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Villa Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60181 | $2,924 | $4,309 | $5,689 | $6,968 | $8,826 |
Source: Ownwell