Forest Park, Illinois Property Taxes
The median property tax rate in Forest Park, IL is 2.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Forest Park at $178,480, the typical annual property tax bill reaches $4,646, exceeding the national median of $2,690. Property taxes in Forest 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 Forest 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 Forest 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
Forest Park, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
$3,552
$1,148
Average Forest Park, Illinois Tax Savings
Ownwell’s Forest Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest 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 Forest 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 Cook County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Forest Park, Illinois
Property taxes in Forest Park, Illinois, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Forest Park stands at 2.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Forest Park set these rates annually, and they can vary considerably across different neighborhoods. Each year, Forest 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 Forest Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60130 has both the highest and lowest median property tax rate of 2.99%. Understanding how these areas compare with Forest 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 Forest Park Tax Rate
2.99%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60130 | 1.70% | 2.51% | 2.99% | 3.40% | 3.40% |
Source: Ownwell
$1,148
Average Forest Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Forest Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Forest Park, 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 Forest 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 example, the median home price in Forest Park is $178,480, with tax bills ranging from $2,301 at the 25th percentile to $9,961 at the 90th percentile. The highest and lowest median tax bills are both $4,646 in the 60130 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.
Average Forest Park Assessed Value
$178,480
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 Forest Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60130 | $64,820 | $83,270 | $178,480 | $259,200 | $323,118 |
Source: Ownwell
$1,148
Average Forest Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Forest Park, Illinois
In Forest Park, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. The median home price in Forest Park stands at $178,480. Tax rates in the area are influenced by local government budgets and the services they fund, such as schools and infrastructure. Homeowners in Forest Park experience a wide range of tax bills, with the 25th percentile at $2,301 and the 90th percentile reaching up to $9,961. The median property tax bill in the area is notably higher than the national median rate of 0.99%, reflecting the specific fiscal needs and policies of Cook County. Ownwell can help homeowners in Forest Park save on their property tax bills by providing expert property tax appeal and exemption services. By thoroughly reviewing property assessments and identifying discrepancies, Ownwell ensures that homeowners are not overpaying. With professional guidance and support, homeowners can potentially reduce their tax burdens significantly, making homeownership more affordable.
Average Forest Park Tax Bill
$4,646
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60130 | $1,028 | $2,301 | $4,646 | $7,690 | $9,961 |
Source: Ownwell
$1,148
Average Forest 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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