Tinley Park, Illinois Property Taxes
The median property tax rate in Tinley Park, IL is 2.98%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tinley Park at $191,420, the typical annual property tax bill reaches $5,699, exceeding the national median of $2,690. Property taxes in Tinley 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 Tinley 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 Tinley 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
Tinley Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$5,704
$5,574
$1,148
Average Tinley Park, Illinois Tax Savings
Ownwell’s Tinley Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tinley Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tinley 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 Tinley 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 Tinley Park, Illinois
Property taxes in Tinley Park, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tinley Park is 2.98%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tinley Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tinley 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 Tinley Park's effective property tax rate to other areas in Cook County and the national median. For comparison, the 60462 zip code has the highest median property tax rate of 3.45%, while the 60487 zip code has the lowest median tax rate of 2.91%. Understanding how these areas compare with Tinley 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 Tinley Park Tax Rate
2.98%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tinley Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60462 | 3.45% | 3.45% | 3.45% | 3.45% | 3.45% |
| 60477 | 1.99% | 2.62% | 3.04% | 3.46% | 4.22% |
| 60487 | 2.19% | 2.55% | 2.91% | 3.08% | 3.45% |
Source: Ownwell
$1,148
Average Tinley Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Tinley Park, Illinois
In Tinley Park, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 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 Tinley 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. For example, the highest median tax bill in Tinley Park is $6,559 in the 60487 zip code, whereas the lowest is $453 in the 60462 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tinley Park Assessed Value
$191,420
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 Tinley Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60462 | $13,140 | $13,140 | $13,140 | $13,140 | $13,140 |
| 60477 | $89,430 | $143,020 | $181,820 | $213,360 | $265,676 |
| 60487 | $158,320 | $206,710 | $228,060 | $300,035 | $343,067 |
Source: Ownwell
$1,148
Average Tinley Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Tinley Park, Illinois
In Tinley Park, Cook County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. Homeowners in Tinley Park face property tax rates higher than the national median of 0.99%, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $4,055, while the 75th percentile reaches $7,376, and the 90th percentile can go up to $9,489. Factors influencing these amounts include the home's assessed value, local tax rates, and any applicable exemptions. High property taxes can be a burden for homeowners, but Ownwell offers valuable assistance. By providing expert property tax appeal and exemption services, Ownwell helps homeowners ensure their properties are fairly assessed, potentially leading to significant tax savings. Our team navigates the complexities of property tax laws and appeals, striving to reduce your tax bill and alleviate the financial pressure on your household.
Average Tinley Park Tax Bill
$5,699
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tinley Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60462 | $453 | $453 | $453 | $453 | $453 |
| 60477 | $1,918 | $3,593 | $5,448 | $7,010 | $8,830 |
| 60487 | $3,714 | $5,287 | $6,559 | $8,967 | $10,664 |
Source: Ownwell
$1,148
Average Tinley 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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