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Willow Springs, Illinois Property Taxes

The median property tax rate in Willow Springs, IL is 2.64%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Willow Springs at $217,170, the typical annual property tax bill reaches $5,694, far exceeding the national median of $2,690. Property taxes in Willow Springs are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Willow Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Willow Springs 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

Willow Springs, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

2.64%

Estimate Property Tax Bill

$5,733

$5,320

SAVE WITH OWNWELL

$1,148

Average Tax Savings

Ownwell’s Willow Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willow Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willow Springs 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 Willow Springs. 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 Willow Springs, Illinois

Property taxes in Willow Springs, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willow Springs is 2.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Willow Springs set these rates annually, and they can vary across different neighborhoods. Each year, Willow Springs 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 Willow Springs' effective property tax rate to other areas in Cook County and the national median. For comparison, the zip code 60480 has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these rates compare with Willow Springs 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.

Property Tax Rates Across Willow Springs, Illinois

Source: Ownwell

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1.46%

4.93%

8.39%

Average Willow Springs Tax Rate

2.64%

Average Cook County Tax Rate

2.01%

Average Illinois Tax Rate

2.35%

Average United States Tax Rate

0.99%

Property Tax Rates Across Willow Springs, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
604801.87%2.12%2.64%3.40%3.99%

Source: Ownwell

Property Tax Assessment Values Across Willow Springs, Illinois

Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Willow Springs, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open 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 Willow Springs, 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 Willow Springs is $217,170, with tax bills ranging from $3,629 at the 25th percentile to $10,111 at the 90th percentile. The highest and lowest median tax bills are both found in the 60480 zip code, amounting to $5,694. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.

Property Tax Assessment Values Across Willow Springs, Illinois

Source: Ownwell

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$13,140

$631,570

$1,250,000

Average Willow Springs Assessed Value

$217,170

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 Willow Springs, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60480$82,140$136,542$217,170$299,518$419,397

Source: Ownwell

Property Tax Bills Across Willow Springs, Illinois

In Willow Springs, located in Cook County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in this area is $217,170. Tax rates in Willow Springs can vary significantly, with tax bills ranging from $3,629 at the 25th percentile to $10,111 at the 90th percentile. The highest median tax bill in the 60480 zip code is $5,694, which is substantially higher than the national median property tax rate of 0.99%. Several factors influence your property tax bill, including local government budgets, school funding requirements, and the assessed value of your home. High property taxes can significantly impact homeowners, leading to increased financial strain. Ownwell can help homeowners in Willow Springs save on their property tax bills by providing expert property tax appeal and exemption services. Our team of professionals thoroughly reviews your property assessment for errors and ensures you receive all eligible exemptions, potentially lowering your tax burden and saving you money.

Property Tax Bills Across Willow Springs, Illinois

Source: Ownwell

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$453

$15,274

$30,094

Average Willow Springs Tax Bill

$5,694

Average Cook County Tax Bill

$4,680

Average Illinois Tax Bill

$4,715

Average United States Tax Bill

$2,690

Property Tax Bills Across Willow Springs, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60480$2,118$3,629$5,694$7,520$10,111

Source: Ownwell

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