Forest View, Illinois Property Taxes
The median property tax rate in Forest View, IL is 4.02%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With a median home value of $295,820 in Forest View, the typical annual property tax bill reaches $11,891, far exceeding the national median of $2,690. Property taxes in Forest View are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forest View'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 View 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 View, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.02%
Estimate Property Tax Bill
$11,892
$11,035
$1,148
Average Tax Savings
Ownwell’s Forest View Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest View 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 View. 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 Forest View, Illinois
Property taxes in Forest View, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest View is 4.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Forest View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest View 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 View's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60402 has the highest median property tax rate of 4.02%, while the same zip code also has the lowest median tax rate of 4.02%. Understanding how these cities compare with Forest View 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 View Tax Rate
4.02%
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 View, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60402 | 3.99% | 4.00% | 4.02% | 4.03% | 4.04% |
Source: Ownwell
$1,148
Average Forest View Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Forest View, Illinois
In Forest View, 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 Forest View, 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. For instance, the median home price in Forest View is $295,820, with tax bills ranging from $11,128 at the 25th percentile to $13,112 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Forest View Assessed Value
$295,820
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 View, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60402 | $267,364 | $278,035 | $295,820 | $313,605 | $324,276 |
Source: Ownwell
$1,148
Average Forest View Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Forest View, Illinois
In Forest View, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in the area is $295,820, and tax rates are applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including local tax rates and any applicable exemptions or deductions. Homeowners in Forest View face substantial property tax bills, with the median tax bill reaching $11,891, significantly higher than the national median property tax rate of 0.99%. High property taxes can place a considerable financial burden on homeowners. This is where Ownwell steps in to assist. By leveraging extensive market data and local expertise, Ownwell helps homeowners appeal their property assessments and secure exemptions, potentially lowering their tax bills. With professional guidance, homeowners can navigate the complexities of property tax regulations and achieve meaningful savings, ensuring they pay only their fair share.
Average Forest View Tax Bill
$11,891
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 View, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60402 | $10,670 | $11,128 | $11,891 | $12,654 | $13,112 |
Source: Ownwell
$1,148
Average Forest View 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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