Summit, Illinois Property Taxes
The median property tax rate in Summit, IL is 4.86%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Summit at $50,200, the typical annual property tax bill reaches $3,111, surpassing the national median of $2,690. Property taxes in Summit are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Summit's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Summit or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summit, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.86%
Estimate Property Tax Bill
$2,440
$2,384
$1,148
Average Summit, Illinois Tax Savings
Ownwell’s Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit 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 Summit. 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 Summit, Illinois
Property taxes in Summit, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit is 4.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60501 has the highest median property tax rate of 4.86%, while the same zip code also has the lowest median tax rate of 4.86%. Understanding how these areas compare with Summit 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 Summit Tax Rate
4.86%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60501 | 2.38% | 4.43% | 4.86% | 7.64% | 7.64% |
Source: Ownwell
$1,148
Average Summit Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Summit, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Summit, 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 Summit, 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 Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Summit are $3,111.00, both found in the 60501 zip code.
Average Summit Assessed Value
$50,200
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 Summit, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60501 | $49,744 | $49,968 | $50,200 | $50,245 | $78,625 |
Source: Ownwell
$1,148
Average Summit Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Summit, Illinois
In Summit, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. For instance, with a median home price of $50,200, the tax bills can range significantly. Homeowners in the 25th percentile pay around $2,432, while those in the 75th percentile face bills up to $3,823. The highest median tax bill in the area is $3,111, which is notably higher than the national median property tax rate of 0.99%. Several factors influence these tax bills, including property improvements, neighborhood changes, and local government budgets. High property taxes can strain homeowners, making it essential to seek ways to reduce these costs. This is where Ownwell steps in, offering expert property tax appeal and exemption services. By analyzing your property's assessed value and market conditions, Ownwell helps identify discrepancies and potential savings, ensuring you don’t overpay on your property tax bill.
Average Summit Tax Bill
$3,111
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60501 | $1,746 | $2,432 | $3,111 | $3,823 | $4,087 |
Source: Ownwell
$1,148
Average Summit 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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