Elmwood Park, Illinois Property Taxes
The median property tax rate in Elmwood Park, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elmwood Park, the typical annual property tax bill reaches $6,338, exceeding the national median of $2,690. Property taxes in Elmwood Park 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 Elmwood 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 Elmwood 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
Elmwood Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$6,525
$6,376
$1,148
Average Elmwood Park, Illinois Tax Savings
Ownwell’s Elmwood Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmwood Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood Park 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 Elmwood Park. 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 Elmwood Park, Illinois
Property taxes in Elmwood Park, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood Park is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elmwood Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood 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 Elmwood Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60707 has both the highest and lowest median property tax rate of 2.25%. Understanding how these areas compare with Elmwood Park 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 Elmwood Park Tax Rate
2.25%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmwood Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60707 | 1.30% | 1.91% | 2.25% | 2.57% | 2.87% |
Source: Ownwell
$1,148
Average Elmwood Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Elmwood Park, Illinois
In Elmwood 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 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 Elmwood 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. For instance, the median home price in Elmwood Park is $290,010, with tax bills ranging from $3,595 at the 25th percentile to $9,287 at the 90th percentile. The highest and lowest median tax bills both amount to $6,338 in the 60707 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elmwood Park, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Elmwood Park Assessed Value
$290,010
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 Elmwood Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60707 | $96,510 | $203,720 | $290,010 | $330,000 | $379,670 |
Source: Ownwell
$1,148
Average Elmwood Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Elmwood Park, Illinois
In Elmwood Park, Cook County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local authorities. Factors such as property size, location, and market conditions influence this assessed value. With a median home price of $290,010, homeowners in Elmwood Park face substantial property tax bills, often ranging from $3,595 at the 25th percentile to $9,287 at the 90th percentile. High property tax bills can significantly impact homeowners' finances, making it essential to ensure assessments are accurate. Ownwell helps homeowners by offering property tax appeal and exemption services. By reviewing and challenging over-assessed property values, Ownwell can potentially lower your tax bill, ensuring you only pay your fair share. This professional assistance can lead to substantial savings, easing the financial burden on homeowners in Elmwood Park.
Average Elmwood Park Tax Bill
$6,338
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60707 | $1,378 | $3,595 | $6,338 | $7,629 | $9,287 |
Source: Ownwell
$1,148
Average Elmwood Park 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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