Riverwoods, Illinois Property Taxes
The median property tax rate in Riverwoods, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Riverwoods at $647,989, the typical annual property tax bill reaches $17,376, exceeding the national median of $2,690. Property taxes in Riverwoods 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 Riverwoods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Riverwoods 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
Riverwoods, 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 Riverwoods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverwoods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverwoods 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 Riverwoods, Illinois
Property taxes in Riverwoods, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverwoods is 2.71%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Riverwoods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverwoods 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 Riverwoods' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60015 zip code has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with Riverwoods provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverwoods Tax Rate
2.71%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverwoods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | 2.37% | 2.63% | 2.71% | 2.82% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Riverwoods, Illinois
In Riverwoods, 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 Lake 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 Riverwoods, 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. For example, the median home price in Riverwoods is $647,989, with annual tax bills ranging from $14,454 at the 25th percentile to $28,441 at the 90th percentile. The highest and lowest median tax bills are both $17,376 in the 60015 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverwoods Assessed Value
$647,989
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverwoods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $441,226 | $545,613 | $647,989 | $832,976 | $1,033,928 |
Source: Ownwell
Property Tax Bills Across Riverwoods, Illinois
In Riverwoods, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Lake County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For homeowners in Riverwoods, the median home price is $647,989. Property tax bills in this city can vary significantly, with the 25th percentile tax bill at $14,454 and the 75th percentile tax bill at $22,290. At the 90th percentile, homeowners might see tax bills as high as $28,441. These tax rates and bills are considerably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. For instance, the highest and lowest median tax bills in the area both stand at $17,376, indicating a consistent tax burden across different neighborhoods. This high tax rate can significantly impact homeowners by increasing their annual housing costs.
Average Riverwoods Tax Bill
$17,376
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverwoods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $11,724 | $14,454 | $17,376 | $22,290 | $28,441 |
Source: Ownwell