Westmont, Illinois Property Taxes
The median property tax rate in Westmont, IL is 2.08%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Westmont at $278,970, the typical annual property tax bill reaches $5,650, exceeding the national median of $2,690. Property taxes in Westmont 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 Westmont'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 Westmont 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
Westmont, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Westmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westmont 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 Westmont, Illinois
Property taxes in Westmont, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westmont is 2.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Westmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westmont 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 Westmont's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60559 zip code has the highest median property tax rate of 2.08%, while the same zip code also has the lowest median tax rate of 2.08%. Understanding how these cities compare with Westmont 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 Westmont Tax Rate
2.08%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westmont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60559 | 1.71% | 1.96% | 2.08% | 2.14% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Westmont, Illinois
In Westmont, 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 Westmont, 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 Westmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $5,650 in zip code 60559, while the lowest median tax bill is also $5,650 in the same zip code.
Average Westmont Assessed Value
$278,970
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 Westmont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60559 | $147,090 | $212,265 | $278,970 | $381,945 | $529,620 |
Source: Ownwell
Property Tax Bills Across Westmont, Illinois
In Westmont, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in this region face a median property tax rate that significantly impacts their annual expenses. For instance, with a median home price of $278,970, property tax bills can range widely. At the 25th percentile, homeowners might pay around $4,114, while those at the 75th percentile could see bills as high as $8,060. The top 10% of tax bills can even reach $11,287. Factors influencing these amounts include the home's assessed value, local tax rates, and applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Westmont may find their tax obligations relatively substantial. These taxes fund essential community services such as schools, infrastructure, and emergency services, thereby directly affecting the quality of life in Westmont. Understanding how these elements interplay helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Westmont Tax Bill
$5,650
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Westmont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60559 | $2,783 | $4,114 | $5,650 | $8,060 | $11,287 |
Source: Ownwell