Park Forest, Illinois Property Taxes
The median property tax rate in Park Forest, IL is 7.14%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $61,080 in Park Forest, the typical annual property tax bill amounts to $4,591, surpassing the national median of $2,690. Property taxes in Park Forest are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Park Forest'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 Park Forest 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
Park Forest, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
7.14%
Estimate Property Tax Bill
$4,361
$4,261
$1,148
Average Park Forest, Illinois Tax Savings
Ownwell’s PARK FOREST Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK FOREST with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK FOREST 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 PARK FOREST. 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 Park Forest, Illinois
Property taxes in Park Forest, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Forest is 7.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Park Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Forest 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 Park Forest's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60466 has the highest median property tax rate of 7.14%, while the same zip code also has the lowest median tax rate of 7.14%. Understanding how these cities compare with Park Forest 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 Park Forest Tax Rate
7.14%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | 1.22% | 4.47% | 7.14% | 13.19% | 13.19% |
Source: Ownwell
$1,148
Average Park Forest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Park Forest, Illinois
In Park Forest, 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 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 Park Forest, 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. For instance, zip code 60466 has both the highest and lowest median tax bill at $4,591. 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 Park Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Park Forest Assessed Value
$61,080
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 Park Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $34,211 | $45,940 | $61,080 | $84,768 | $102,814 |
Source: Ownwell
$1,148
Average Park Forest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Park Forest, Illinois
In Park Forest, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Cook County Assessor's Office. The assessed value is a percentage of the market value of the property. For example, with a median home price of $61,080, homeowners can expect varying tax bills depending on the specific assessment and local tax rates. The tax bill can range significantly, with the 25th percentile paying around $2,512 and the 75th percentile paying up to $7,537. The highest median tax bill in the area is $4,591, indicating a substantial burden on homeowners compared to the national median property tax rate of 0.99%. Factors influencing the tax bill include property location, improvements, and market conditions. High property taxes can strain homeowners, making it crucial to seek potential savings. Ownwell specializes in property tax appeals and exemptions, helping homeowners challenge their assessments and potentially reduce their tax bills. By leveraging expert knowledge and local insights, Ownwell can assist in navigating the complexities of property taxes, ensuring homeowners pay only their fair share.
Average Park Forest Tax Bill
$4,591
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $618 | $2,512 | $4,591 | $7,537 | $8,967 |
Source: Ownwell
$1,148
Average Park Forest Tax Savings
Save on your property taxes & more with Ownwell.
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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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