Melrose Park, Illinois Property Taxes
The median property tax rate in Melrose Park, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Melrose Park, the typical annual property tax bill reaches $4,476, exceeding the national median of $2,690. Property taxes in Melrose 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 Melrose 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 Melrose 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
Melrose Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$4,984
$4,625
$1,148
Average Tax Savings
Ownwell’s Melrose Park Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Melrose Park with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Melrose Park to provide an estimate of 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 Melrose 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Melrose Park, Illinois
Property taxes in Melrose Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose Park is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Melrose Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose Park's effective property tax rate to other areas in Cook County and the national median. For comparison, the zip code 60160 has the highest median property tax rate of 2.61%, while the zip code 60164 has the lowest median tax rate of 1.95%. Understanding how these areas compare with Melrose 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 Melrose Park Tax Rate
2.39%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60160 | 1.39% | 2.33% | 2.61% | 3.12% | 3.13% |
| 60164 | 1.27% | 1.64% | 1.95% | 2.26% | 2.58% |
Source: Ownwell
$1,148
Average Melrose Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Melrose Park, Illinois
In Melrose Park, 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 Melrose 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. 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 Melrose Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $4,481 in zip code 60164, while the lowest median tax bill is $4,449 in zip code 60160.
Property Tax Assessment Values Across Melrose Park, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Melrose Park Assessed Value
$208,540
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 Melrose Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60160 | $86,570 | $143,205 | $179,110 | $225,170 | $238,220 |
| 60164 | $190,000 | $210,000 | $230,000 | $250,000 | $280,000 |
Source: Ownwell
$1,148
Average Melrose Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Melrose Park, Illinois
In Melrose Park, 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 then applied to this assessed value to determine the final tax bill. Factors such as the median home price of $208,540 and specific neighborhood assessments significantly influence these calculations. For example, tax bills can range from $3,345 at the 25th percentile to $6,357 at the 90th percentile. Homeowners in the highest-taxed zip code, 60164, face median bills around $4,481, while those in zip code 60160 see slightly lower median bills at $4,449. These hefty tax bills can strain household budgets, making it crucial to explore potential savings. Ownwell can assist homeowners by identifying and appealing inaccurate assessments, ensuring they are not overpaying. By leveraging local expertise and data-driven insights, Ownwell helps homeowners secure exemptions and reductions, ultimately lowering their property tax burdens and providing financial relief.
Average Melrose Park Tax Bill
$4,476
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60160 | $1,045 | $2,961 | $4,449 | $5,716 | $6,437 |
| 60164 | $2,721 | $3,612 | $4,481 | $5,207 | $5,912 |
Source: Ownwell
$1,148
Average Melrose 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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