Streamwood, Illinois Property Taxes
The median property tax rate in Streamwood, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Streamwood at $230,010, the typical annual property tax bill reaches $5,043, exceeding the national median of $2,690. Property taxes in Streamwood 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 Streamwood'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 Streamwood 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
Streamwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$5,083
$4,967
$1,148
Average Streamwood, Illinois Tax Savings
Ownwell’s Streamwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Streamwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Streamwood 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 Streamwood. 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 Streamwood, Illinois
Property taxes in Streamwood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Streamwood is 2.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Streamwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Streamwood 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 Streamwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60107 zip code in Streamwood has the highest median property tax rate of 2.21%, while it also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Streamwood 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 Streamwood Tax Rate
2.21%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Streamwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60107 | 1.50% | 1.95% | 2.21% | 2.53% | 2.78% |
Source: Ownwell
$1,148
Average Streamwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Streamwood, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Streamwood, 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 Streamwood, 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 Streamwood is $230,010, with tax bills ranging from $4,002 at the 25th percentile to $7,682 at the 90th percentile. 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 Streamwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Streamwood 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 Streamwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60107 | $167,062 | $200,000 | $230,010 | $270,000 | $320,000 |
Source: Ownwell
$1,148
Average Streamwood Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Streamwood, Illinois
In Streamwood, located in Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $230,010, the tax bill can vary significantly. The 25th percentile tax bill is around $4,002, while the 75th percentile reaches $6,272, and the 90th percentile goes up to $7,682. This variation is due to factors like property location, improvements, and local tax rates. Homeowners in Streamwood face a median tax bill of $5,043, which is notably higher than the national median property tax rate of 0.99%. Ownwell helps homeowners by offering property tax appeal and exemption services, potentially saving them thousands of dollars. By analyzing your property's assessed value and comparing it with similar properties, Ownwell identifies discrepancies and files appeals on your behalf. This not only reduces your tax burden but also ensures you're not overpaying. Trust Ownwell to navigate the complexities of property taxes and secure the best possible outcome for your property tax bill.
Average Streamwood Tax Bill
$5,043
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Streamwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60107 | $2,794 | $4,002 | $5,043 | $6,272 | $7,682 |
Source: Ownwell
$1,148
Average Streamwood 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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