Woodridge, Illinois Property Taxes
The median property tax rate in Woodridge, IL is 2.60%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Woodridge at $293,460, the typical annual property tax bill reaches $7,688, far exceeding the national median of $2,690. Property taxes in Woodridge 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 Woodridge'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 Woodridge 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
Woodridge, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$7,630
$7,080
Ownwell’s Woodridge Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodridge to provide an estimate of your property tax bill. This valuable 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 DuPage County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Woodridge, Illinois
Property taxes in Woodridge, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodridge is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Woodridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodridge 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 Woodridge's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60517 zip code has the highest median property tax rate of 2.60%, while the same zip code also has the lowest median tax rate of 2.60%. Understanding how these cities compare with Woodridge 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 Woodridge Tax Rate
2.60%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60517 | 2.16% | 2.29% | 2.60% | 2.70% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Woodridge, Illinois
In Woodridge, 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 Woodridge, 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 Woodridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the 60517 zip code is $7,688.
Average Woodridge Assessed Value
$293,460
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 Woodridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60517 | $120,240 | $241,628 | $293,460 | $378,930 | $513,006 |
Source: Ownwell
Property Tax Bills Across Woodridge, Illinois
In Woodridge, DuPage County, IL, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This assessed value is a percentage of the market value of the property. The tax rate is then applied to the assessed value to determine the annual tax bill. For homeowners in Woodridge, the median home price is $293,460, which significantly influences the tax amount. Factors such as the local tax rate and any applicable exemptions also play a crucial role. For instance, the tax bill at the 25th percentile is $6,070, while at the 75th percentile, it rises to $9,453, and at the 90th percentile, it reaches $11,841. These figures indicate a considerable range, reflecting differences in property values and exemptions. Homeowners in Woodridge face a higher tax burden compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $7,688, highlighting the uniformity in assessment practices within the 60517 zip code. This tax structure significantly impacts homeowners, influencing their financial planning and property investment decisions.
Average Woodridge Tax Bill
$7,688
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodridge, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60517 | $2,865 | $6,070 | $7,688 | $9,453 | $11,841 |
Source: Ownwell