Palos Park, Illinois Property Taxes
The median property tax rate in Palos Park, IL is 2.33%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $329,940 in Palos Park, the typical annual property tax bill reaches $7,577, far exceeding the national median of $2,690. Property taxes in Palos Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Palos Park's 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 Park or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palos Park, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
$3,552
$1,148
Average Palos Park, Illinois Tax Savings
Ownwell’s Palos Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palos Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palos Park 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 Park. 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 Park, Illinois
Property taxes in Palos Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palos Park is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Palos Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palos Park 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 Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60464 zip code has the highest median property tax rate of 2.33%, while the same 60464 zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Palos Park 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 Park Tax Rate
2.33%
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60464 | 1.74% | 2.13% | 2.33% | 2.53% | 2.74% |
Source: Ownwell
$1,148
Average Palos Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Palos Park, Illinois
In Palos Park, 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 Park, 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 Palos Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Palos Park is $329,940, with tax bills ranging significantly. For example, in the 60464 zip code, the median tax bill is $7,577.
Average Palos Park Assessed Value
$329,940
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60464 | $179,100 | $255,780 | $329,940 | $404,140 | $507,770 |
Source: Ownwell
$1,148
Average Palos Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Palos Park, Illinois
In Palos Park, Cook County, IL, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Palos Park, the median home price is $329,940, with tax bills ranging from $5,568 at the 25th percentile to $12,841 at the 90th percentile. This means that many homeowners are paying significantly more than the national median property tax rate of 0.99%. Several factors influence your property tax bill, including changes in the assessed value of your home, local tax rates, and any applicable exemptions. High property taxes can place a significant financial burden on homeowners, making it essential to ensure your property is not over-assessed. Ownwell can help homeowners in Palos Park save on their property tax bills by providing expert property tax appeal and exemption services. Our team works to ensure your property is fairly assessed, potentially lowering your tax bill and saving you money.
Average Palos Park Tax Bill
$7,577
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60464 | $3,522 | $5,568 | $7,577 | $9,606 | $12,841 |
Source: Ownwell
$1,148
Average Palos Park 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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