Harwood Heights, Illinois Property Taxes
The median property tax rate in Harwood Heights, IL is 1.73%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Harwood Heights at $309,000, the typical annual property tax bill reaches $5,071, exceeding the national median of $2,690. Property taxes in Harwood Heights 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 Harwood Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Harwood Heights 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
Harwood Heights, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$5,346
$5,224
$1,148
Average Harwood Heights, Illinois Tax Savings
Ownwell’s Harwood Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harwood Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harwood Heights 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 Harwood Heights. 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 Harwood Heights, Illinois
Property taxes in Harwood Heights, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harwood Heights is 1.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Harwood Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harwood Heights 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 Harwood Heights' effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60706 has both the highest and lowest median property tax rate of 1.73%. Understanding how these cities compare with Harwood Heights 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 Harwood Heights Tax Rate
1.73%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harwood Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60706 | 1.00% | 1.43% | 1.73% | 1.96% | 2.18% |
Source: Ownwell
$1,148
Average Harwood Heights Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Harwood Heights, Illinois
In Harwood Heights, 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 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 Harwood Heights, 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 Harwood Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $309,000, with tax bills ranging from $3,563 at the 25th percentile to $7,854 at the 90th percentile. The highest and lowest median tax bills are both $5,071 in the 60706 zip code.
Property Tax Assessment Values Across Harwood Heights, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Harwood Heights Assessed Value
$309,000
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 Harwood Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60706 | $187,800 | $250,010 | $309,000 | $340,000 | $409,326 |
Source: Ownwell
$1,148
Average Harwood Heights Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Harwood Heights, Illinois
In Harwood Heights, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $309,000, homeowners can expect a tax bill that varies significantly, with the 25th percentile at $3,563 and the 75th percentile reaching $6,286. The highest median tax bill in the area is $5,071, notably in zip code 60706. Factors influencing these tax bills include property assessments, local tax rates, and any applicable exemptions. High property taxes can place a significant financial burden on homeowners, making it crucial to ensure that assessments are accurate and fair. Ownwell offers expert property tax appeal and exemption services to help homeowners reduce their tax burdens. By analyzing property assessments and identifying potential inaccuracies, Ownwell can assist homeowners in Harwood Heights in potentially lowering their tax bills, ensuring they pay no more than their fair share.
Average Harwood Heights Tax Bill
$5,071
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Harwood Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60706 | $2,295 | $3,563 | $5,071 | $6,286 | $7,854 |
Source: Ownwell
$1,148
Average Harwood Heights 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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