Mount Prospect, Illinois Property Taxes
The median property tax rate in Mount Prospect, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Prospect, the typical annual property tax bill reaches $6,732, exceeding the national median of $2,690. Property taxes in Mount Prospect 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 Mount Prospect'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 Mount Prospect 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
Mount Prospect, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$6,784
$6,296
$1,148
Average Tax Savings
Ownwell’s Mount Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Prospect 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 Mount Prospect. 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 Mount Prospect, Illinois
Property taxes in Mount Prospect, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Prospect is 2.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Prospect 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 Mount Prospect's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60056 zip code has the highest median property tax rate of 2.12%, while the 60056 zip code also has the lowest median tax rate of 2.12%. Understanding how these areas compare with Mount Prospect 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 Mount Prospect Tax Rate
2.12%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Prospect, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60056 | 1.27% | 1.75% | 2.12% | 2.40% | 2.65% |
Source: Ownwell
$1,148
Average Mount Prospect Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Mount Prospect, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Prospect, Illinois. 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 Mount Prospect, 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 Mount Prospect helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in Mount Prospect's 60056 zip code, the median tax bill is $6,732. By understanding these processes, property owners can ensure they are not overpaying on their property taxes.
Property Tax Assessment Values Across Mount Prospect, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Mount Prospect 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 Mount Prospect, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60056 | $140,590 | $252,170 | $320,010 | $370,000 | $440,000 |
Source: Ownwell
$1,148
Average Mount Prospect Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Mount Prospect, Illinois
In Mount Prospect, located in Cook County, IL, property tax bills are calculated based on the assessed value of your property and the local tax rate. The assessed value is typically a percentage of the market value of your home. For example, with a median home price of $320,010, homeowners can expect varying tax bills. The 25th percentile tax bill is around $4,086, while the 75th percentile reaches $8,434, and the 90th percentile can go up to $10,423. These figures highlight the significant impact property taxes can have on household budgets. Ownwell can help homeowners in Mount Prospect save on their property tax bills by providing professional property tax appeal and exemption services. By accurately assessing your property's value and identifying any potential errors or over-assessments, Ownwell can help reduce your tax liability. This means more savings and less financial stress for homeowners. With the highest median tax bill in the area being $6,732 in the 60056 zip code, every dollar saved counts.
Average Mount Prospect Tax Bill
$6,732
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Prospect, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60056 | $2,005 | $4,086 | $6,732 | $8,434 | $10,423 |
Source: Ownwell
$1,148
Average Mount Prospect 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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