Homer Glen, Illinois Property Taxes
The median property tax rate in Homer Glen, IL is 2.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Homer Glen at $369,315, the typical annual property tax bill reaches $8,918, exceeding the national median of $2,690. Property taxes in Homer Glen 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 Homer Glen'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 Homer Glen 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
Homer Glen, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$9,085
$8,878
Ownwell’s Homer Glen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer Glen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer Glen 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 Homer Glen, Illinois
Property taxes in Homer Glen, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer Glen is 2.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Homer Glen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer Glen 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 Homer Glen's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60441 zip code has the highest median property tax rate of 2.93%, while the 60491 zip code has the lowest median tax rate of 2.46%. Understanding how these cities compare with Homer Glen provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homer Glen Tax Rate
2.46%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer Glen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60441 | 2.81% | 2.92% | 2.93% | 2.93% | 2.95% |
| 60491 | 2.18% | 2.35% | 2.46% | 2.60% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Homer Glen, Illinois
In Homer Glen, 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 Will 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. In Homer Glen, 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 Homer Glen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $8,919 in the 60491 zip code, while the lowest median tax bill is $8,629 in the 60441 zip code.
Average Homer Glen Assessed Value
$369,315
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homer Glen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60441 | $277,427 | $283,365 | $294,652 | $323,095 | $367,194 |
| 60491 | $239,148 | $299,412 | $369,315 | $451,356 | $564,391 |
Source: Ownwell
Property Tax Bills Across Homer Glen, Illinois
In Homer Glen, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the tax rate set by local taxing authorities is applied. This rate can vary depending on the funding needs of the county, school districts, and other local services. Homeowners in Homer Glen face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $7,030, while the 75th percentile reaches $11,196. At the 90th percentile, homeowners could see tax bills as high as $14,320. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the area's higher property values and local tax rates. High property taxes can impact homeowners by increasing the cost of homeownership, potentially influencing decisions on buying, selling, or investing in property within Homer Glen.
Average Homer Glen Tax Bill
$8,918
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer Glen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60441 | $8,096 | $8,281 | $8,629 | $9,521 | $10,217 |
| 60491 | $5,357 | $7,022 | $8,919 | $11,200 | $14,325 |
Source: Ownwell