Wood Dale, Illinois Property Taxes
The median property tax rate in Wood Dale, IL is 2.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wood Dale at $249,810, the typical annual property tax bill reaches $5,669, well above the national median of $2,690. Property taxes in Wood Dale 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 Wood Dale'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 Wood Dale 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
Wood Dale, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$5,771
$5,639
Ownwell’s Wood Dale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood Dale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood Dale 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 Wood Dale, Illinois
Property taxes in Wood Dale, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood Dale is 2.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wood Dale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood Dale 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 Wood Dale's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60191 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Wood Dale 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 Wood Dale Tax Rate
2.31%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood Dale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60191 | 2.01% | 2.20% | 2.31% | 2.40% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Wood Dale, Illinois
In Wood Dale, 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's Office 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 Wood Dale, 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 Wood Dale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wood Dale are both $5,669, located in the 60191 zip code.
Average Wood Dale Assessed Value
$249,810
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 Wood Dale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60191 | $151,890 | $190,500 | $249,810 | $316,928 | $413,655 |
Source: Ownwell
Property Tax Bills Across Wood Dale, Illinois
In Wood Dale, located in DuPage County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the home's market value, which in Wood Dale has a median of $249,810. Homeowners can expect their tax bills to vary widely, with a 25th percentile tax bill of $4,194 and a 75th percentile tax bill of $7,367. The tax bill can go as high as $10,654 for those in the 90th percentile. Factors influencing the tax bill include the property's assessed value, local levy rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Wood Dale's property taxes can be significantly higher. This can have a substantial impact on homeowners, affecting their overall housing costs and budgeting. The highest median tax bill recorded in the area is $5,669, found in ZIP code 60191, making it crucial for homeowners to understand these variables to manage their financial planning effectively.
Average Wood Dale Tax Bill
$5,669
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood Dale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60191 | $3,168 | $4,194 | $5,669 | $7,367 | $10,654 |
Source: Ownwell