Northlake, Illinois Property Taxes
The median property tax rate in Northlake, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Northlake, the typical annual property tax bill reaches $4,764, exceeding the national median of $2,690. Property taxes in Northlake 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 Northlake'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 Northlake 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
Northlake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$4,725
$4,385
$1,148
Average Tax Savings
Ownwell’s Northlake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northlake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northlake 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 Northlake. 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 Northlake, Illinois
Property taxes in Northlake, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northlake is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Northlake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northlake 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 Northlake's effective property tax rate to other areas in Cook County and the national median. For comparison, the zip code 60164 has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Northlake 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 Northlake Tax Rate
2.25%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northlake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60164 | 1.13% | 1.79% | 2.25% | 2.80% | 3.28% |
Source: Ownwell
$1,148
Average Northlake Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Northlake, Illinois
In Northlake, 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 Northlake, 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 Northlake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Northlake, the highest median tax bill is $4764.00 in zip code 60164, which provides insight into the local property tax landscape.
Average Northlake Assessed Value
$210,000
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 Northlake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60164 | $74,390 | $171,342 | $210,000 | $238,315 | $260,000 |
Source: Ownwell
$1,148
Average Northlake Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Northlake, Illinois
In Northlake, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Northlake is $210,000, and property tax bills can vary significantly, with the 25th percentile at $3,079 and the 75th percentile at $5,560. The highest median tax bill in the area reaches $4,764, notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including changes in property values, local government budgets, and applicable exemptions. High property taxes can place a significant financial burden on homeowners, affecting their overall cost of living and disposable income. Ownwell can assist homeowners by appealing their property tax assessments and identifying potential exemptions, helping to reduce their tax burden. Our expertise ensures that homeowners pay a fair amount, potentially saving them hundreds or even thousands of dollars annually.
Average Northlake Tax Bill
$4,764
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Northlake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60164 | $1,220 | $3,079 | $4,764 | $5,560 | $6,505 |
Source: Ownwell
$1,148
Average Northlake 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 |
Save money on your property taxes with Ownwell.
Enter your address.
With just your address Ownwell will analyze your property expenses to find you savings using real time market data, local expertise and AI.
Answer some questions.
The more we know about your property, the more we can save you. There's no up-front costs, it's risk-free to sign up. Only pay if you save!
Unlock your savings.
We gather evidence, file all documentation, and attend hearings on your behalf year after year, so you never overpay again.