Custer Park, Illinois Property Taxes
The median property tax rate in Custer Park, IL is 2.73%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Custer Park, the typical annual property tax bill reaches $997, which is below the national median of $2,690. Property taxes in Custer Park 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 Custer Park'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 Custer Park or another part of Kankakee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Custer Park, 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 Custer Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Custer Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Custer Park 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 Custer Park, Illinois
Property taxes in Custer Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Custer Park is 2.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Custer Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Custer Park 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 Custer Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60481 zip code has both the highest and lowest median property tax rate of 2.73%, reflecting the uniformity within this area. Understanding how these cities compare with Custer Park provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Custer Park Tax Rate
2.73%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Custer Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | 2.53% | 2.61% | 2.73% | 2.86% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Custer Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Custer Park, 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 Kankakee 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 Custer Park, 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. The median home price in Custer Park is $34,078, with tax bills ranging from $597 at the 25th percentile to $1,636 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Custer Park Assessed Value
$34,078
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Custer Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | $13,185 | $21,020 | $34,078 | $47,137 | $54,972 |
Source: Ownwell
Property Tax Bills Across Custer Park, Illinois
In Custer Park, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Custer Park, part of Kankakee County, can expect property tax bills that vary significantly depending on their property's assessed value and the local tax rate. The median home price in Custer Park is $34,078. Property tax bills here range widely, with the 25th percentile paying around $597, while those in the 75th percentile see bills of approximately $1,396. The 90th percentile tax bill reaches up to $1,636. Compared to the national median property tax rate of 0.99%, these figures reflect the local economic conditions and property values. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs. Accurate assessments and awareness of local tax rates ensure that homeowners can budget effectively and anticipate their financial obligations.
Average Custer Park Tax Bill
$997
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Custer Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | $357 | $597 | $997 | $1,396 | $1,636 |
Source: Ownwell