Palos Heights, Illinois Property Taxes
The median property tax rate in Palos Heights, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Palos Heights at $242,790, the typical annual property tax bill reaches $6,324, exceeding the national median of $2,690. Property taxes in Palos Heights 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 Palos Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Palos Heights 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
Palos Heights, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$6,458
$6,311
$1,148
Average Palos Heights, Illinois Tax Savings
Ownwell’s Palos Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palos Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palos Heights 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 Palos Heights. 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 Palos Heights, Illinois
Property taxes in Palos Heights, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Palos Heights is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Palos Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palos Heights 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 Palos Heights' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60463 zip code has the highest median property tax rate of 2.66%, while the same zip code also represents the lowest median tax rate of 2.66%. Understanding how these cities compare with Palos Heights 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 Palos Heights Tax Rate
2.66%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palos Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60463 | 1.82% | 2.33% | 2.66% | 2.96% | 3.17% |
Source: Ownwell
$1,148
Average Palos Heights Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Palos Heights, Illinois
In Palos Heights, 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 Palos Heights, 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 Palos Heights is $242,790, with tax bills ranging from $4,701 at the 25th percentile to $10,247 at the 90th percentile. The highest and lowest median tax bills in the area are both $6,324, found in the 60463 zip code. By understanding 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 Palos Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Palos Heights, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Palos Heights Assessed Value
$242,790
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 Palos Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60463 | $163,580 | $198,250 | $242,790 | $291,332 | $347,498 |
Source: Ownwell
$1,148
Average Palos Heights Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Palos Heights, Illinois
In Palos Heights, located in 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 total tax bill. For instance, with a median home price of $242,790, homeowners in Palos Heights can expect tax bills ranging from $4,701 at the 25th percentile to $10,247 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $6,324, reflecting the uniformity within the 60463 zip code. Several factors influence these tax bills, including property size, location, and any applicable exemptions. High property taxes can significantly impact homeowners, making it essential to explore ways to reduce their tax burden. This is where Ownwell steps in. By providing expert property tax appeal and exemption services, Ownwell helps homeowners navigate the complexities of property tax assessments, potentially lowering their tax bills and ensuring they only pay their fair share.
Average Palos Heights Tax Bill
$6,324
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Palos Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60463 | $3,301 | $4,701 | $6,324 | $8,144 | $10,247 |
Source: Ownwell
$1,148
Average Palos Heights 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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