Worth, Illinois Property Taxes
The median property tax rate in Worth, IL is 3.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Worth, the typical annual property tax bill reaches $4,330, exceeding the national median of $2,690. Property taxes in Worth 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 Worth'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 Worth 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
Worth, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
$3,552
$1,148
Average Worth, Illinois Tax Savings
Ownwell’s Worth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worth 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 Worth. 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 Worth, Illinois
Property taxes in Worth, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Worth is 3.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Worth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worth 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 Worth's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60482 has the highest median property tax rate of 3.22%, while the same zip code also has the lowest median tax rate of 3.22%. Understanding how these areas compare with Worth 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 Worth Tax Rate
3.22%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60482 | 1.54% | 2.53% | 3.22% | 3.75% | 4.06% |
Source: Ownwell
$1,148
Average Worth Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Worth, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Worth, 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 Worth, 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 Worth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Worth is $157,900, with tax bills ranging from $2,190 at the 25th percentile to $7,014 at the 90th percentile. The zip code 60482 has the highest and lowest median tax bill of $4,330.
Average Worth Assessed Value
$157,900
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 Worth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60482 | $53,490 | $80,730 | $157,900 | $176,435 | $207,797 |
Source: Ownwell
$1,148
Average Worth Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Worth, Illinois
In Worth, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Worth is $157,900. The tax bill is then determined by applying the local tax rate to this assessed value. Factors such as property location, improvements, and exemptions play a significant role in the final tax bill. For instance, tax bills in Worth range from $2,190 at the 25th percentile to $7,014 at the 90th percentile, with a median tax bill of $4,330. This is significantly higher than the national median property tax rate of 0.99%. Homeowners in Worth may find their property tax bills burdensome, especially when compared to national averages. Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing your property's assessed value and comparing it to similar properties, Ownwell can identify potential errors or overvaluations. This can lead to substantial savings on your property tax bill, ensuring you only pay what is fair.
Average Worth Tax Bill
$4,330
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Worth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60482 | $1,274 | $2,190 | $4,330 | $5,648 | $7,014 |
Source: Ownwell
$1,148
Average Worth 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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