Burnham, Illinois Property Taxes
The median property tax rate in Burnham, IL is 3.89%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Burnham at $53,705, the typical annual property tax bill reaches $1,510, exceeding the national median of $2,690. Property taxes in Burnham 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 Burnham'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 Burnham 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
Burnham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.89%
Estimate Property Tax Bill
$2,089
$2,041
$1,148
Average Burnham, Illinois Tax Savings
Ownwell’s Burnham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burnham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burnham to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Burnham. 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 Burnham, Illinois
Property taxes in Burnham, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burnham is 3.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Burnham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burnham 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 Burnham's effective property tax rate to other areas in Cook County and the national median. For comparison, the 60633 zip code has the highest median property tax rate of 3.89%, while the same zip code also has the lowest median tax rate of 3.89%. Understanding how these areas compare with Burnham provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burnham Tax Rate
3.89%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burnham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60633 | 1.86% | 2.60% | 3.89% | 7.05% | 7.06% |
Source: Ownwell
$1,148
Average Burnham Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Burnham, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Burnham, 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 Cook 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 Burnham, 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 instance, the median home price in Burnham is $53,705, with the 25th percentile tax bill at $1,317 and the 75th percentile tax bill at $3,529. The highest and lowest median tax bills both stand at $1,510 in zip code 60633. Being aware of these valuation processes in Burnham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burnham Assessed Value
$53,705
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burnham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60633 | $17,513 | $48,455 | $53,705 | $87,818 | $95,549 |
Source: Ownwell
$1,148
Average Burnham Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Burnham, Illinois
In Burnham, located in Cook County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. The median home price in Burnham is $53,705, and homeowners can expect a tax bill ranging from $1,317 at the 25th percentile to $4,596 at the 90th percentile. The highest median tax bill in the area is $1,510, found in the zip code 60633. These taxes fund essential public services like schools, infrastructure, and emergency services, impacting the overall quality of life for residents. Ownwell offers expert property tax consulting services to help homeowners in Burnham reduce their tax burden. By analyzing property assessments and identifying potential discrepancies, Ownwell can assist in appealing over-assessed property values, ensuring homeowners pay only their fair share. This service can lead to significant savings, providing financial relief and peace of mind for property owners.
Average Burnham Tax Bill
$1,510
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Burnham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60633 | $774 | $1,317 | $1,510 | $3,529 | $4,596 |
Source: Ownwell
$1,148
Average Burnham Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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