Flossmoor, Illinois Property Taxes
The median property tax rate in Flossmoor, IL is 4.45%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Flossmoor at $201,430, the typical annual property tax bill reaches $8,635, far exceeding the national median of $2,690. Property taxes in Flossmoor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Flossmoor'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 Flossmoor 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
Flossmoor, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.45%
Estimate Property Tax Bill
$8,964
$8,759
$1,148
Average Flossmoor, Illinois Tax Savings
Ownwell’s Flossmoor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flossmoor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flossmoor 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 Flossmoor. 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 Flossmoor, Illinois
Property taxes in Flossmoor, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flossmoor is 4.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Flossmoor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flossmoor 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 Flossmoor's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60422 ZIP code has the highest median property tax rate of 4.45%, while the same ZIP code also has the lowest median tax rate of 4.45%. Understanding how these cities compare with Flossmoor 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 Flossmoor Tax Rate
4.45%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flossmoor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60422 | 2.93% | 3.90% | 4.45% | 4.87% | 5.39% |
Source: Ownwell
$1,148
Average Flossmoor Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Flossmoor, Illinois
In Flossmoor, 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 Flossmoor, 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. The median home price in Flossmoor is $201,430, with tax bills ranging from $5,864 at the 25th percentile to $15,659 at the 90th percentile. Being aware of these valuation processes in Flossmoor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flossmoor Assessed Value
$201,430
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 Flossmoor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60422 | $99,136 | $148,440 | $201,430 | $252,900 | $326,058 |
Source: Ownwell
$1,148
Average Flossmoor Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Flossmoor, Illinois
In Flossmoor, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the final tax bill. With a median home price of $201,430, homeowners in Flossmoor face substantial tax bills. The 25th percentile tax bill is $5,864, while the 75th percentile reaches $11,820, and the 90th percentile hits $15,659. Comparatively, the national median property tax rate is 0.99%, making Flossmoor's rates notably higher. Several factors influence these tax bills, including property size, location, and local government budgets. High property taxes can significantly impact homeowners, potentially making it difficult to manage their finances. Ownwell offers expert property tax appeal and exemption services to help homeowners reduce their tax bills. By thoroughly reviewing property assessments and identifying inaccuracies, Ownwell can assist in lowering the assessed value, ultimately saving homeowners money.
Average Flossmoor Tax Bill
$8,635
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Flossmoor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60422 | $3,163 | $5,864 | $8,635 | $11,820 | $15,659 |
Source: Ownwell
$1,148
Average Flossmoor 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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