River Grove, Illinois Property Taxes
The median property tax rate in River Grove, IL is 2.20%, 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 Grove, the typical annual property tax bill reaches $5,125, exceeding the national median of $2,690. Property taxes in River Grove 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 Grove'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 Grove 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 Grove, 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 River Grove, Illinois Tax Savings
Ownwell’s River Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in River Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in River Grove 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 Grove. 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 Grove, Illinois
Property taxes in River Grove, 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 Grove is 2.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within River Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, River Grove 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 Grove's effective property tax rate to other areas in Cook County and the national median. For comparison, the 60171 zip code has the highest median property tax rate of 2.20%, while the same zip code also has the lowest median tax rate of 2.20%. Understanding how these cities compare with River Grove 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 Grove Tax Rate
2.20%
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 Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60171 | 1.07% | 1.79% | 2.20% | 2.51% | 2.89% |
Source: Ownwell
$1,148
Average River Grove Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across River Grove, Illinois
In River Grove, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 River Grove, 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 River Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in River Grove is 60171, with a median tax bill of $5,125.
Average River Grove Assessed Value
$230,010
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 Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60171 | $111,500 | $170,000 | $230,010 | $260,010 | $300,000 |
Source: Ownwell
$1,148
Average River Grove Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across River Grove, Illinois
In River Grove, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in River Grove is $230,010. Tax rates are applied to this assessed value to determine the annual tax bill. Factors like local government budgets, school district funding, and public services impact these rates. Homeowners in River Grove face a median tax bill of $5,125, with the 25th percentile at $3,102 and the 75th percentile at $6,135. This is significantly higher than the national median property tax rate of 0.99%. Ownwell assists homeowners by providing property tax appeal and exemption services, potentially saving them hundreds or even thousands of dollars. Our experts analyze your property’s assessed value, compare it with similar properties, and identify discrepancies or overvaluations. By challenging unfair assessments, we help ensure you pay only your fair share, easing the financial burden on River Grove homeowners.
Average River Grove Tax Bill
$5,125
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 Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60171 | $1,368 | $3,102 | $5,125 | $6,135 | $7,283 |
Source: Ownwell
$1,148
Average River Grove 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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