Summit Argo, Illinois Property Taxes
The median property tax rate in Summit Argo, IL is 3.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Summit Argo, the typical annual property tax bill reaches $4,478, exceeding the national median of $2,690. Property taxes in Summit Argo 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 Summit Argo'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 Summit Argo or another part of Cook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summit Argo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.27%
Estimate Property Tax Bill
$4,789
$4,444
$1,148
Average Tax Savings
Ownwell’s Summit Argo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit Argo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit Argo 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 Argo. 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 Argo, Illinois
Property taxes in Summit Argo, 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 Argo is 3.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Summit Argo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit Argo 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 Argo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60501 zip code has the highest median property tax rate of 3.27%, while the same zip code also has the lowest median tax rate of 3.27%. Understanding how these cities compare with Summit Argo 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 Argo Tax Rate
3.27%
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 Argo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60501 | 1.57% | 2.63% | 3.27% | 3.74% | 4.20% |
Source: Ownwell
$1,148
Average Summit Argo Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Summit Argo, Illinois
In Summit Argo, 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. 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 Argo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $4,478, found in the 60501 zip code.
Average Summit Argo Assessed Value
$146,450
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 Argo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60501 | $85,590 | $96,790 | $146,450 | $159,235 | $192,076 |
Source: Ownwell
$1,148
Average Summit Argo Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Summit Argo, Illinois
Property tax bills in Summit Argo, Cook County, IL are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Summit Argo is $146,450. Local tax rates are then applied to this assessed value to determine the final tax bill. In Summit Argo, the 25th percentile tax bill is $2,531, while the 75th percentile tax bill is $5,469, and the 90th percentile tax bill reaches $6,842. These figures highlight the variability in tax bills depending on property values and local tax rates. Homeowners in Summit Argo can benefit significantly from property tax appeal services. Ownwell specializes in identifying discrepancies in assessed values and filing appeals to correct them. By ensuring that a property's assessed value accurately reflects its market value, Ownwell can help reduce tax bills, providing substantial savings. This service is especially valuable in areas like Summit Argo, where property taxes can be a significant financial burden.
Average Summit Argo Tax Bill
$4,478
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 Argo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60501 | $1,368 | $2,531 | $4,478 | $5,469 | $6,842 |
Source: Ownwell
$1,148
Average Summit Argo 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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