Phoenix, Illinois Property Taxes
The median property tax rate in Phoenix, Illinois is 5.58%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Phoenix at $36,200, the typical annual property tax bill reaches $1,732, which, while lower than the national median of $2,690, is still a substantial expense for homeowners. Property taxes in Phoenix are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Phoenix'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 Phoenix 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
Phoenix, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.58%
Estimate Property Tax Bill
$2,020
$1,874
$1,148
Average Tax Savings
Ownwell’s Phoenix Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phoenix with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phoenix 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 Phoenix. 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 Phoenix, Illinois
Property taxes in Phoenix, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phoenix is 5.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Phoenix set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phoenix 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 Phoenix's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60426 zip code has both the highest and lowest median property tax rate of 5.58%. Understanding how these cities compare with Phoenix 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 Phoenix Tax Rate
5.58%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Phoenix, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60426 | 0.67% | 1.65% | 5.58% | 8.99% | 8.99% |
Source: Ownwell
$1,148
Average Phoenix Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Phoenix, Illinois
In Phoenix, 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 Phoenix, 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 Phoenix helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Phoenix is $1,732 in the 60426 zip code, while the lowest median tax bill is also $1,732 in the same zip code.
Average Phoenix Assessed Value
$36,200
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 Phoenix, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60426 | $18,130 | $26,372 | $36,200 | $42,132 | $71,420 |
Source: Ownwell
$1,148
Average Phoenix Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Phoenix, Illinois
In Phoenix, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. Cook County uses a complex formula to calculate the assessed value, considering factors such as property type, location, and any applicable exemptions. The assessed value is then multiplied by the local tax rate to determine the final tax bill. For example, the median home price in Phoenix is $36,200, resulting in varying tax bills ranging from $549 at the 25th percentile to $4,367 at the 90th percentile. High property tax bills can be a burden for homeowners, but Ownwell can help. By providing expert property tax appeal and exemption services, Ownwell ensures that homeowners are not overpaying on their property taxes. Our team reviews your property’s assessed value, identifies discrepancies, and files appeals on your behalf, potentially lowering your tax bill and saving you money. With Ownwell’s assistance, you can achieve a fair property tax assessment and reduce your financial stress.
Average Phoenix Tax Bill
$1,732
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Phoenix, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60426 | $221 | $549 | $1,732 | $3,249 | $4,367 |
Source: Ownwell
$1,148
Average Phoenix 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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