Lombard, Illinois Property Taxes
The median property tax rate in Lombard, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lombard at $280,470, the typical annual property tax bill reaches $6,669, exceeding the national median of $2,690. Property taxes in Lombard 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 Lombard'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 Lombard 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
Lombard, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$6,703
$6,550
Ownwell’s Lombard Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lombard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lombard 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 Lombard, Illinois
Property taxes in Lombard, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lombard is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lombard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lombard 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 Lombard's effective property tax rate to other areas and the national median. For comparison, the 60148 zip code has the median property tax rate of 2.39%, which is the same across Lombard. Understanding how these rates compare with other regions 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 Lombard Tax Rate
2.39%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lombard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60148 | 2.12% | 2.29% | 2.39% | 2.50% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Lombard, Illinois
In Lombard, 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 Appraisal District 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 Lombard, 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 Lombard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lombard is $280,470, with tax bills ranging from $5,230 at the 25th percentile to $10,419 at the 90th percentile. The zip code 60148 has the highest and lowest median tax bill at $6,669.
Average Lombard Assessed Value
$280,470
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 Lombard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60148 | $132,090 | $230,460 | $280,470 | $335,678 | $425,823 |
Source: Ownwell
Property Tax Bills Across Lombard, Illinois
In Lombard, DuPage County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $280,470, Lombard homeowners can expect significant variations in their property tax bills. Factors such as the home's location, size, and condition, as well as local government budgets and school district funding needs, play a crucial role in determining the tax rate. In Lombard, the median tax bill is $6,669, which is notably higher than the national median property tax rate of 0.99%. Homeowners in Lombard face tax bills ranging from $5,230 at the 25th percentile to $10,419 at the 90th percentile. This substantial tax burden can impact household budgets, influencing decisions on homeownership and long-term financial planning. Understanding these factors is essential for homeowners to anticipate and manage their property tax obligations effectively.
Average Lombard Tax Bill
$6,669
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lombard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60148 | $2,841 | $5,230 | $6,669 | $8,075 | $10,419 |
Source: Ownwell