Prospect Heights, Illinois Property Taxes
The median property tax rate in Prospect Heights, IL is 2.24%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Prospect Heights, the typical annual property tax bill reaches $4,622, exceeding the national median of $2,690. Property taxes in Prospect 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 Prospect 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 Prospect 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
Prospect Heights, 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 Prospect Heights, Illinois Tax Savings
Ownwell’s Prospect Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect 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 Prospect Heights, Illinois
Property taxes in Prospect Heights, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect Heights is 2.24%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Prospect Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect Heights' effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60070 has the highest median property tax rate of 2.24%, while the zip code 60070 also has the lowest median tax rate of 2.24%. Understanding how these areas compare with Prospect 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 Prospect Heights Tax Rate
2.24%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60070 | 0.91% | 1.78% | 2.24% | 2.59% | 2.88% |
Source: Ownwell
$1,148
Average Prospect Heights Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Prospect Heights, Illinois
In Prospect 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 Prospect 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median tax bill in Prospect Heights is $4,622, with the highest and lowest median tax bills both reported in zip code 60070. Being aware of these valuation processes in Prospect Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prospect Heights, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Prospect Heights Assessed Value
$226,420
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 Prospect Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60070 | $99,844 | $127,020 | $226,420 | $360,000 | $500,000 |
Source: Ownwell
$1,148
Average Prospect Heights Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Prospect Heights, Illinois
In Prospect Heights, IL, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in this area is $226,420. Homeowners can expect tax bills ranging from $2,140 at the 25th percentile to $12,739 at the 90th percentile. The median tax bill in the highest and lowest zip codes within Cook County both stand at $4,622, reflecting a significant variance across the region. Several factors influence the final tax bill, including property location, local tax rates, and any applicable exemptions. With a property tax rate higher than the national median of 0.99%, homeowners in Prospect Heights often face substantial financial burdens. Ownwell assists homeowners by offering property tax appeal and exemption services. Our experts analyze your property’s assessed value, identify potential discrepancies, and file appeals on your behalf. By leveraging local market insights and legal expertise, Ownwell can help reduce your property tax bills, ensuring you only pay your fair share.
Average Prospect Heights Tax Bill
$4,622
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60070 | $1,055 | $2,140 | $4,622 | $8,749 | $12,739 |
Source: Ownwell
$1,148
Average Prospect 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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