Skokie, Illinois Property Taxes
The median property tax rate in Skokie, IL is 1.96%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Skokie at $310,000, the typical annual property tax bill reaches $5,590, exceeding the national median of $2,690. Property taxes in Skokie 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 Skokie'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 Skokie 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
Skokie, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$6,076
$5,638
$1,148
Average Tax Savings
Ownwell’s Skokie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Skokie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Skokie 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 Skokie. 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 Skokie, Illinois
Property taxes in Skokie, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Skokie is 1.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Skokie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Skokie 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 Skokie's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60077 zip code has the highest median property tax rate of 1.96%, while the 60076 zip code has the lowest median tax rate of 1.96%. Understanding how these cities compare with Skokie 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 Skokie Tax Rate
1.96%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Skokie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60076 | 1.37% | 1.66% | 1.96% | 2.24% | 2.53% |
| 60077 | 1.28% | 1.59% | 1.96% | 2.35% | 2.62% |
Source: Ownwell
$1,148
Average Skokie Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Skokie, Illinois
In Skokie, Illinois, understanding the difference between "market value" and "assessed value" is essential 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 Skokie, 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. For instance, the median home price in Skokie is $310,000, with tax bills ranging from $3,415 at the 25th percentile to $9,296 at the 90th percentile. Notably, the highest median tax bill is $6,393 in zip code 60076, while the lowest is $4,740 in zip code 60077. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Skokie Assessed Value
$310,000
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 Skokie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60076 | $163,146 | $221,515 | $340,000 | $400,000 | $470,000 |
| 60077 | $8,700 | $158,280 | $250,460 | $350,000 | $410,010 |
Source: Ownwell
$1,148
Average Skokie Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Skokie, Illinois
In Skokie, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Cook County Assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors, such as property size, location, and market conditions, influence the assessed value. For instance, the median home price in Skokie is $310,000, leading to varied tax bills across different percentiles. Homeowners in the 25th percentile pay around $3,415, while those in the 75th percentile face bills up to $7,569. The highest median tax bill in Skokie, found in ZIP code 60076, is $6,393, while the lowest, in ZIP code 60077, is $4,740. High property taxes can significantly impact homeowners, making it crucial to manage these expenses effectively. Ownwell specializes in property tax appeal and exemption services, helping homeowners ensure their properties are fairly assessed. By reviewing and contesting over-assessments, Ownwell can help reduce tax liabilities, potentially saving homeowners hundreds or even thousands of dollars annually.
Average Skokie Tax Bill
$5,590
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Skokie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60076 | $2,752 | $4,005 | $6,393 | $8,109 | $9,646 |
| 60077 | $207 | $2,583 | $4,740 | $6,770 | $8,563 |
Source: Ownwell
$1,148
Average Skokie 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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