Palos Hills, Illinois Property Taxes
The median property tax rate in Palos Hills, IL is 2.73%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $148,300 in Palos Hills, the typical annual property tax bill reaches $3,534, surpassing the national median of $2,690. Property taxes in Palos Hills are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Palos Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Palos Hills or another part of Cook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palos Hills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.73%
Estimate Property Tax Bill
$4,049
$3,757
$1,148
Average Tax Savings
Ownwell’s Palos Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palos Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palos Hills 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 Hills. 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 Hills, Illinois
Property taxes in Palos Hills, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palos Hills is 2.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Palos Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palos Hills 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 Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60465 zip code has both the highest and lowest median property tax rate of 2.73%. Understanding how these cities compare with Palos Hills 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 Hills Tax Rate
2.73%
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 Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60465 | 1.34% | 2.07% | 2.73% | 3.03% | 3.54% |
Source: Ownwell
$1,148
Average Palos Hills Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Palos Hills, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palos Hills, 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 Palos Hills, 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. The median home price in Palos Hills is $148,300, with tax bills ranging from $2,061 at the 25th percentile to $7,915 at the 90th percentile. The highest and lowest median tax bills are both $3,534, found in the 60465 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palos Hills Assessed Value
$148,300
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 Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60465 | $51,370 | $111,080 | $148,300 | $225,522 | $267,973 |
Source: Ownwell
$1,148
Average Palos Hills Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Palos Hills, Illinois
In Palos Hills, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is a percentage of your home's market value, determined by the county assessor. In Cook County, where Palos Hills is located, the median home price is $148,300. Property tax rates can vary, but the national median property tax rate is 0.99%, which serves as a useful benchmark for comparison. Homeowners in Palos Hills can see property tax bills ranging from $2,061 at the 25th percentile to as high as $7,915 at the 90th percentile, with the highest median tax bill recorded at $3,534 in the 60465 zip code. Such high property tax bills can significantly impact homeowners' finances. Ownwell can help homeowners in Palos Hills save on their property tax bills by providing expert property tax appeal and exemption services. By analyzing your property's assessed value and ensuring it aligns with market conditions, Ownwell can potentially lower your tax liability, offering substantial savings and financial relief.
Average Palos Hills Tax Bill
$3,534
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 Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60465 | $769 | $2,061 | $3,534 | $6,179 | $7,915 |
Source: Ownwell
$1,148
Average Palos Hills 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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