Elk Grove Village, Illinois Property Taxes
The median property tax rate in Elk Grove Village, IL is 1.85%, significantly above the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $290,000 in Elk Grove Village, the typical annual property tax bill reaches $5,058, far exceeding the national median of $2,690. Property taxes here are based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Elk Grove Village, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elk Grove Village or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Grove Village, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$5,365
$5,242
$1,148
Average Elk Grove Village, Illinois Tax Savings
Ownwell’s Elk Grove Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Grove Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Grove Village 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 Elk Grove Village. 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 Elk Grove Village, Illinois
Property taxes in Elk Grove Village, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Grove Village is 1.85%, notably higher than the U.S. national median of 0.99%. Local government entities within Elk Grove Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Grove Village 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 Elk Grove Village's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60007 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these areas compare with Elk Grove Village 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 Elk Grove Village Tax Rate
1.85%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Grove Village, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60007 | 1.16% | 1.51% | 1.85% | 2.16% | 2.40% |
Source: Ownwell
$1,148
Average Elk Grove Village Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Elk Grove Village, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elk Grove Village, 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'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 Elk Grove Village, 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 Elk Grove Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,058, found in zip code 60007.
Property Tax Assessment Values Across Elk Grove Village, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Elk Grove Village Assessed Value
$290,000
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 Elk Grove Village, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60007 | $145,430 | $230,000 | $290,000 | $350,000 | $400,000 |
Source: Ownwell
$1,148
Average Elk Grove Village Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Elk Grove Village, Illinois
In Elk Grove Village, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $290,000, and property tax rates are applied to this assessed value to determine the tax bill. Factors such as local tax rates and any applicable exemptions play a significant role in the final amount. For instance, the 25th percentile tax bill is approximately $3,501, while the 75th percentile reaches around $7,000, with the highest median tax bill recorded at $5,058 in zip code 60007. High property taxes can be a burden for homeowners, but Ownwell offers a solution. By providing expert property tax appeal and exemption services, Ownwell helps homeowners ensure their property is accurately assessed, potentially lowering their tax bills. With a deep understanding of local tax regulations and effective appeal strategies, Ownwell can help homeowners in Elk Grove Village save significantly on their property taxes.
Average Elk Grove Village Tax Bill
$5,058
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Grove Village, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60007 | $2,154 | $3,501 | $5,058 | $7,000 | $8,693 |
Source: Ownwell
$1,148
Average Elk Grove Village 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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