Longwood, Illinois Property Taxes
The median property tax rate in Longwood, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Longwood, the typical annual property tax bill reaches $103, exceeding the national median of $2,690. Property taxes in Longwood 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 Longwood'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 Longwood 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
Longwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$103
$96
Ownwell’s Longwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Longwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Longwood 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 Longwood, Illinois
Property taxes in Longwood, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Longwood is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Longwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Longwood 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 Longwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in DuPage County is 2.19%, while the lowest median tax rate is also 2.19%. Understanding how these cities compare with Longwood 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 Longwood Tax Rate
2.19%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Longwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
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Source: Ownwell
Property Tax Assessment Values Across Longwood, Illinois
In Longwood, 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 Longwood, 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 Longwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Longwood Assessed Value
$4,710
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 Longwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Longwood, Illinois
In Longwood, DuPage County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For homeowners in Longwood, the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Longwood, the median home price is relatively low at $4,710, which means even a small percentage can result in a significant tax bill. For instance, the 25th, 75th, and 90th percentile tax bills are all $103, indicating a consistent tax rate across different property values. Compared to the national median property tax rate of 0.99%, Longwood's property tax rate can be seen as more favorable for homeowners. However, the impact on individual homeowners varies based on their property's assessed value and any available exemptions. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Longwood Tax Bill
$103
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Longwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
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Source: Ownwell