Morton Grove, Illinois Property Taxes
The median property tax rate in Morton Grove, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Morton Grove, the typical annual property tax bill reaches $6,756, exceeding the national median of $2,690. Property taxes in Morton Grove 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 Morton Grove'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 Morton Grove 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
Morton Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$6,752
$6,598
$1,148
Average Morton Grove, Illinois Tax Savings
Ownwell’s Morton Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morton Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morton Grove 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 Morton Grove. 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 Morton Grove, Illinois
Property taxes in Morton Grove, IL, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morton Grove is 2.11%, significantly higher than the U.S. national median of 0.99%. Local government entities within Morton Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morton Grove 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 Morton Grove's effective property tax rate to other areas in Cook County and the national median. For comparison, the 60053 zip code has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these areas compare with Morton Grove 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 Morton Grove Tax Rate
2.11%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morton Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60053 | 1.42% | 1.82% | 2.11% | 2.39% | 2.66% |
Source: Ownwell
$1,148
Average Morton Grove Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Morton Grove, Illinois
In Morton Grove, 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 Morton Grove, 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. The median home price in Morton Grove is $320,010, with tax bills ranging from $4,465 at the 25th percentile to $10,126 at the 90th percentile. Interestingly, the zip code 60053 has both the highest and lowest median tax bill at $6,756. 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 Morton Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morton Grove, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Morton Grove Assessed Value
$320,010
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 Morton Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60053 | $166,500 | $255,670 | $320,010 | $370,010 | $440,000 |
Source: Ownwell
$1,148
Average Morton Grove Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Morton Grove, Illinois
In Morton Grove, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Cook County's assessment ratio and the local tax rate are key factors in determining the final tax bill. Homeowners in Morton Grove experience a range of tax bills, with the 25th percentile at $4,465 and the 75th percentile at $8,135. The highest median tax bill in the area is $6,756, which is significantly higher than the national median property tax rate of 0.99%. These high tax rates can place a substantial financial burden on homeowners. However, Ownwell offers a solution by providing property tax appeal and exemption services. By leveraging their expertise, Ownwell helps homeowners ensure their property assessments are fair and accurate, potentially reducing the tax burden. Their services can lead to significant savings, making homeownership more affordable in Morton Grove.
Average Morton Grove Tax Bill
$6,756
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Morton Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60053 | $2,881 | $4,465 | $6,756 | $8,135 | $10,126 |
Source: Ownwell
$1,148
Average Morton Grove 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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