Crestwood, Illinois Property Taxes
The median property tax rate in Crestwood, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Crestwood at $97,770, the typical annual property tax bill reaches $2,055, slightly below the national median of $2,690. Property taxes in Crestwood 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 Crestwood'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 Crestwood 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
Crestwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$2,503
$2,323
$1,148
Average Tax Savings
Ownwell’s Crestwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crestwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crestwood 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 Crestwood. 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 Crestwood, Illinois
Property taxes in Crestwood, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crestwood is 2.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Crestwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crestwood 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 Crestwood's effective property tax rate to other areas in Cook County and the national median. For comparison, the 60445 zip code has the highest median property tax rate of 2.57%, while the 60418 zip code has the lowest median tax rate of 2.56%. Understanding how these areas compare with Crestwood 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 Crestwood Tax Rate
2.56%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crestwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60418 | 0.90% | 1.74% | 2.56% | 3.25% | 3.38% |
| 60445 | 1.71% | 2.33% | 2.57% | 3.14% | 3.26% |
Source: Ownwell
$1,148
Average Crestwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Crestwood, Illinois
In Crestwood, 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 Cook 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 Crestwood, 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 highest median tax bill in Crestwood is $4,122 in the 60445 zip code, while the lowest median tax bill is $2,054 in the 60418 zip code. 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 Crestwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crestwood Assessed Value
$97,770
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 Crestwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60418 | $11,060 | $66,850 | $97,770 | $167,220 | $196,271 |
| 60445 | $131,565 | $135,658 | $145,865 | $168,102 | $205,980 |
Source: Ownwell
$1,148
Average Crestwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Crestwood, Illinois
In Crestwood, located in Cook County, IL, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. Cook County's property tax rate is higher than the national median of 0.99%, leading to significant variations in tax bills. For instance, while the 25th percentile tax bill in Crestwood is $791, it can escalate to as high as $5,453 in the 90th percentile. Several factors influence your tax bill, including property location, market conditions, and any applicable exemptions. Higher tax bills can significantly impact homeowners, making it essential to ensure your property is accurately assessed. Ownwell can assist homeowners by providing property tax appeal and exemption services. By leveraging our expertise, we can help you contest over-assessments, potentially lowering your tax bill and ensuring you only pay your fair share. Save on your property taxes with Ownwell's professional guidance and support.
Average Crestwood Tax Bill
$2,055
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Crestwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60418 | $256 | $791 | $2,054 | $4,197 | $5,453 |
| 60445 | $2,274 | $3,165 | $4,122 | $5,474 | $6,165 |
Source: Ownwell
$1,148
Average Crestwood 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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