Winfield, Illinois Property Taxes
The median property tax rate in Winfield, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Winfield, the typical annual property tax bill reaches $7,895, exceeding the national median of $2,690. Property taxes in Winfield 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 Winfield'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 Winfield 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
Winfield, 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 Winfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winfield 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 Winfield, Illinois
Property taxes in Winfield, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Winfield is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winfield 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 Winfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60190 zip code has both the highest and lowest median property tax rate of 2.38%. Understanding how these cities compare with Winfield 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 Winfield Tax Rate
2.38%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60190 | 2.11% | 2.29% | 2.38% | 2.53% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Winfield, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winfield, 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 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. 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. In Winfield, the median home price is $334,095. The median tax bill is highest in the 60190 zip code, at $7,895. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winfield Assessed Value
$334,095
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 Winfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60190 | $179,310 | $250,905 | $334,095 | $434,715 | $560,460 |
Source: Ownwell
Property Tax Bills Across Winfield, Illinois
In Winfield, 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 tax bill. Factors such as the home's location, size, and condition, as well as local government budgets and public service funding needs, influence the assessed value and the final tax rate. For homeowners in Winfield, the median home price stands at $334,095. Property tax bills can vary significantly, with the 25th percentile tax bill at $5,490 and the 75th percentile at $11,080. At the 90th percentile, homeowners may see tax bills as high as $13,606. The highest and lowest median tax bills in the area are both recorded at $7,895 in the 60190 zip code, reflecting a specific consistency in the region. Compared to the national median property tax rate of 0.99%, Winfield's property tax rates can be notably higher, impacting homeowners by increasing their annual financial obligations. This variation underscores the importance of understanding local tax assessments and rates.
Average Winfield Tax Bill
$7,895
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Winfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60190 | $3,921 | $5,490 | $7,895 | $11,080 | $13,606 |
Source: Ownwell