Stone Park, Illinois Property Taxes
The median property tax rate in Stone Park, IL is 3.85%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $147,340 in Stone Park, the typical annual property tax bill reaches $5,010, far exceeding the national median of $2,690. Property taxes in Stone 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 Stone 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 Stone 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
Stone Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.85%
Estimate Property Tax Bill
$5,673
$5,264
$1,148
Average Tax Savings
Ownwell’s Stone Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stone Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stone 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 Stone 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 Stone Park, Illinois
Property taxes in Stone Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stone Park is 3.85%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stone Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stone 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 Stone Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60165 has the highest median property tax rate of 3.85%, while the same zip code also has the lowest median tax rate of 3.85%. Understanding how these areas compare with Stone 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 Stone Park Tax Rate
3.85%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stone Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60165 | 1.75% | 2.97% | 3.85% | 4.87% | 4.87% |
Source: Ownwell
$1,148
Average Stone Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Stone Park, Illinois
In Stone Park, 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 Stone 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Stone Park is $147,340, with tax bills ranging significantly. The 25th percentile tax bill is $2,532, while the 75th percentile is $6,510, and the 90th percentile reaches $7,846. The highest and lowest median tax bills are both $5,010 in the zip code 60165. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stone Park Assessed Value
$147,340
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 Stone Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60165 | $74,670 | $86,180 | $147,340 | $162,620 | $182,792 |
Source: Ownwell
$1,148
Average Stone Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Stone Park, Illinois
In Stone Park, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the Cook County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Stone Park face a significant property tax burden, with tax bills ranging from $2,532 at the 25th percentile to $7,846 at the 90th percentile, and a median home price of $147,340. High property taxes can strain homeowners' finances, making it essential to ensure that your property is not over-assessed. Ownwell can help homeowners in Stone Park save on their property tax bills by providing expert property tax appeal and exemption services. By thoroughly analyzing the assessed value and identifying any discrepancies, Ownwell can help secure reductions, ensuring that homeowners pay only their fair share. This service can lead to substantial savings, easing the financial burden on Stone Park residents.
Average Stone Park Tax Bill
$5,010
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stone Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60165 | $1,319 | $2,532 | $5,010 | $6,510 | $7,846 |
Source: Ownwell
$1,148
Average Stone 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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