Bolingbrook, Illinois Property Taxes
The median property tax rate in Bolingbrook, IL is 2.70%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bolingbrook, the typical annual property tax bill reaches $7,710, exceeding the national median of $2,690. Property taxes in Bolingbrook 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 Bolingbrook'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 Bolingbrook 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
Bolingbrook, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$7,932
$7,750
Ownwell’s Bolingbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bolingbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bolingbrook to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Bolingbrook, Illinois
Property taxes in Bolingbrook, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bolingbrook is 2.70%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bolingbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bolingbrook 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 Bolingbrook's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60440 zip code in Bolingbrook has the highest median property tax rate of 2.70%, while the same zip code also has the lowest median tax rate of 2.70%. Understanding how these cities compare with Bolingbrook provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bolingbrook Tax Rate
2.70%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bolingbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60440 | 2.54% | 2.59% | 2.70% | 2.72% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Bolingbrook, Illinois
In Bolingbrook, 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 DuPage 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 Bolingbrook, 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 Bolingbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bolingbrook is $293,760, with the highest and lowest median tax bills both being $7,710 in zip code 60440.
Property Tax Assessment Values Across Bolingbrook, Illinois
Source: Ownwell
$2,760
$1,600,770
$3,198,780
Average Bolingbrook Assessed Value
$293,760
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bolingbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60440 | $254,181 | $265,192 | $293,760 | $312,068 | $336,777 |
Source: Ownwell
Property Tax Bills Across Bolingbrook, Illinois
Property tax bills in Bolingbrook, located in DuPage County, IL, are calculated primarily based on the assessed value of a property, which is a percentage of its market value. For instance, if the median home price in Bolingbrook is $293,760, the assessed value would be determined by local assessment rules. The property tax rate is then applied to this assessed value to calculate the tax bill. In Bolingbrook, homeowners can expect property tax bills to vary significantly. The 25th percentile tax bill is around $7,020, while the 75th percentile tax bill is about $8,451. At the higher end, the 90th percentile tax bill reaches $9,212. This variation is influenced by factors such as property location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Bolingbrook's property tax bills are relatively high, reflecting the area's property values and local government funding needs. Homeowners in this region should be prepared for these costs and consider them when budgeting for homeownership.
Average Bolingbrook Tax Bill
$7,710
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bolingbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60440 | $6,680 | $7,020 | $7,710 | $8,451 | $9,212 |
Source: Ownwell