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Homewood, Cook County, Illinois Property Taxes

  • Median Homewood, IL effective property tax rate: 3.76%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.

  • Median Homewood, IL home value: $142,930

  • Median annual Homewood, IL tax bill: $5,099, $2,699 higher than the national median property tax bill of $2,400.

How are property taxes in Cook County calculated?

Property taxes in Homewood, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Homewood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Homewood, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Homewood, Cook County, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.76%

Estimate Property Tax Bill

$5,374

$4,987

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Homewood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Homewood with just two data points. By entering your property's estimated assessed value, our calculator applies Homewood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Cook County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Homewood, Cook County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Homewood in Cook County, IL, has an effective property tax rate that is notably higher than both the state and national averages. The median property tax rate in Illinois is significantly above the national median of 1.02%, reflecting the higher demands on local services. Residents in Homewood face one of the highest property tax rates in the state, which can impact their overall cost of living. Comparing Homewood’s tax rate to other cities within Illinois highlights the variance in property tax burdens across the state. Understanding these differences can help property owners make informed decisions about where to live or invest.

Property Tax Rates Across Homewood, Cook County, Illinois

Source: Ownwell

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1.47%

4.93%

8.39%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Homewood Tax Rate

3.76%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Cook County Tax Rate

2.01%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Homewood, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
604301.83%3.03%3.76%4.32%4.99%

Source: Ownwell

Property Tax Assessment Values Across Homewood, Cook County, Illinois

When examining property taxes in Homewood, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cook County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Cook County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Homewood. For example, the median home price in Homewood is $142,930, with tax bills ranging significantly across the county. Zip code 60430 has the highest median home price at $142,930.

Property Tax Assessment Values Across Homewood, Cook County, Illinois

Source: Ownwell

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$25,480

$637,740

$1,250,000

Median Homewood Market Value

$142,930

Median Cook County Market Value

$210,000

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Homewood, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60430$55,730$96,125$142,930$170,155$202,862

Source: Ownwell

Property Tax Bills Across Homewood, Cook County, Illinois

In Homewood, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the property tax bill. Factors such as location and property characteristics influence the assessed value. Homeowners in Homewood face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $2,941, while the 75th percentile reaches $6,666, and the 90th percentile can be as high as $8,313. The median tax bill in the 60430 zip code is $5,099, significantly higher than the national median of $2,400, reflecting the region's higher tax rates. This financial burden can be daunting for homeowners. Ownwell offers property tax appeal and exemption services to help homeowners reduce their tax bills. By analyzing property assessments and market conditions, Ownwell identifies opportunities for savings, ensuring homeowners pay only their fair share in property taxes.

Property Tax Bills Across Homewood, Cook County, Illinois

Source: Ownwell

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$569

$15,332

$30,094

Median Homewood Tax Bill

$5,099

Median Cook County Tax Bill

$4,680

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Homewood, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60430$1,199$2,941$5,099$6,666$8,313

Source: Ownwell

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