Schiller Park, Illinois Property Taxes
The median property tax rate in Schiller Park, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Schiller Park at $240,590, the typical annual property tax bill reaches $4,696, significantly exceeding the national median of $2,690. Property taxes in Schiller Park 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 Schiller Park'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 Schiller Park 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
Schiller Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$5,197
$5,078
$1,148
Average Schiller Park, Illinois Tax Savings
Ownwell’s Schiller Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schiller Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schiller Park 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 Schiller Park. 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 Schiller Park, Illinois
Property taxes in Schiller Park, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Schiller Park is 2.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Schiller Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schiller Park 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 Schiller Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60176 zip code has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these areas compare with Schiller Park 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 Schiller Park Tax Rate
2.16%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schiller Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60176 | 1.22% | 1.78% | 2.16% | 2.60% | 2.95% |
Source: Ownwell
$1,148
Average Schiller Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Schiller Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Schiller Park, Illinois. 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 Schiller Park, 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. The median home price in Schiller Park is $240,590, with tax bills ranging significantly. For example, the lowest median tax bill in the 60176 zip code is $4,696, while the highest median tax bill in the same zip code is also $4,696. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Schiller Park, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Schiller Park Assessed Value
$240,590
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 Schiller Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60176 | $91,600 | $127,068 | $240,590 | $280,000 | $300,723 |
Source: Ownwell
$1,148
Average Schiller Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Schiller Park, Illinois
In Schiller Park, property tax bills are calculated based on the assessed value of a home, which is determined by the Cook County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's market value, any applicable exemptions, and the specific tax rates set by local taxing authorities all play a role in the final calculation. For example, with a median home price of $240,590, homeowners can expect significant variability in their tax bills, ranging from $2,675 at the 25th percentile to $7,099 at the 90th percentile. High property taxes can be a financial burden for homeowners. Ownwell provides expert property tax appeal and exemption services to help reduce these costs. By analyzing your property's assessed value and identifying potential inaccuracies, Ownwell can file appeals on your behalf, potentially lowering your tax bill. This service can be particularly beneficial in areas like Schiller Park, where tax bills can be substantial. Let Ownwell help you achieve fair property taxation and save on your annual expenses.
Average Schiller Park Tax Bill
$4,696
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Schiller Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60176 | $1,483 | $2,675 | $4,696 | $6,105 | $7,099 |
Source: Ownwell
$1,148
Average Schiller Park 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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