River Forest, Illinois Property Taxes
The median property tax rate in River Forest, IL is 2.92%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in River Forest, the typical annual property tax bill reaches $13,757, exceeding the national median of $2,690. Property taxes in River Forest 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 River 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 River 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
River Forest, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.92%
Estimate Property Tax Bill
$14,083
$13,761
$1,148
Average River Forest, Illinois Tax Savings
Ownwell’s River Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in River Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in River 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 River 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 River Forest, Illinois
Property taxes in River Forest, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in River Forest is 2.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within River Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, River 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 River Forest's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60305 has the highest median property tax rate of 2.92%, while the same zip code also has the lowest median tax rate of 2.92%. Understanding how these cities compare with River 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 River Forest Tax Rate
2.92%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across River Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60305 | 2.16% | 2.69% | 2.92% | 3.06% | 3.11% |
Source: Ownwell
$1,148
Average River Forest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across River Forest, Illinois
In River 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'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. Assessment notices in River Forest 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 River Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60305 has the highest and lowest median tax bill, both valued at $13,757.
Property Tax Assessment Values Across River Forest, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average River Forest Assessed Value
$482,295
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 River Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60305 | $104,395 | $207,220 | $482,295 | $629,040 | $769,441 |
Source: Ownwell
$1,148
Average River Forest Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across River Forest, Illinois
In River Forest, Cook County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. Factors such as property location, size, and improvements can influence the assessed value. The median home price in River Forest is $482,295, with tax bills ranging from $5,184 at the 25th percentile to $23,016 at the 90th percentile. The highest and lowest median tax bills in the area are $13,757. These property taxes can significantly impact homeowners, often representing a substantial annual expense. Ownwell offers property tax appeal and exemption services to help homeowners reduce their tax burdens. By analyzing property assessments and market conditions, Ownwell identifies discrepancies and opportunities for tax reductions. With expert guidance, homeowners can potentially save thousands on their property tax bills, ensuring they pay only their fair share.
Average River Forest Tax Bill
$13,757
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across River Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60305 | $2,300 | $5,184 | $13,757 | $18,450 | $23,016 |
Source: Ownwell
$1,148
Average River Forest 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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