Richton Park, Illinois Property Taxes
The median property tax rate in Richton Park, IL is 2.71%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $171,554 in Richton Park, the typical annual property tax bill reaches $4,702, surpassing the national median of $2,690. Property taxes in Richton Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richton 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 Richton 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
Richton Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$4,649
$4,543
Ownwell’s Richton Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richton Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richton 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 Richton Park, Illinois
Property taxes in Richton Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richton Park is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Richton Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richton 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 Richton Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60471 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 Richton Park 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 Richton Park Tax Rate
2.71%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richton Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60471 | 2.40% | 2.60% | 2.71% | 2.92% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Richton Park, Illinois
In Richton 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 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 Richton 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. 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 Richton Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $171,554, with the highest median tax bill at $4,702 in zip code 60471.
Average Richton Park Assessed Value
$171,554
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 Richton Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60471 | $121,665 | $140,630 | $171,554 | $221,486 | $316,556 |
Source: Ownwell
Property Tax Bills Across Richton Park, Illinois
In Richton Park, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the local assessor. For example, with a median home price of $171,554, the assessed value would be a fraction of this market price, subject to local assessment practices. The local tax rate is then applied to the assessed value to determine the tax bill. In Will County, where Richton Park is located, property tax bills can vary significantly. Homeowners at the 25th percentile can expect a tax bill of approximately $3,457, while those at the 75th percentile might see bills around $6,466. The 90th percentile tax bills can reach up to $8,853. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, the tax rates in Richton Park reflect the local community's funding requirements and property values.
Average Richton Park Tax Bill
$4,702
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Richton Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60471 | $3,054 | $3,457 | $4,702 | $6,466 | $8,853 |
Source: Ownwell