Joliet, Illinois Property Taxes
The median property tax rate in Joliet, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Joliet at $279,052, the typical annual property tax bill reaches $7,272, significantly exceeding the national median of $2,690. Property taxes in Joliet 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 Joliet'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 Joliet 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
Joliet, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$7,395
$6,862
Ownwell’s Joliet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Joliet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Joliet 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 Joliet, Illinois
Property taxes in Joliet, IL, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Joliet is 2.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Joliet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Joliet 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 Joliet's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60431 zip code has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these areas compare with Joliet provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Joliet Tax Rate
2.65%
Average Kendall County Tax Rate
2.83%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Joliet, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60431 | 2.42% | 2.49% | 2.65% | 2.76% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Joliet, Illinois
In Joliet, 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 Kendall 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 Joliet, 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. For instance, the median home price is $279,052, with tax bills ranging from $5,569 at the 25th percentile to $8,879 at the 90th percentile. The highest and lowest median tax bills are both recorded in the 60431 zip code at $7,272. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Joliet Assessed Value
$279,052
Average Kendall County Assessed Value
$264,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Joliet, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60431 | $195,807 | $217,434 | $279,052 | $310,260 | $327,594 |
Source: Ownwell
Property Tax Bills Across Joliet, Illinois
Property tax bills in Joliet, located in Kendall County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, applied to the assessed value, is set by local taxing authorities and is influenced by budgetary needs for public services such as schools, infrastructure, and emergency services. Homeowners in Joliet experience varying property tax bills depending on their property's value. For instance, the 25th percentile tax bill is $5,569, while the 75th percentile tax bill rises to $8,203, indicating a significant range in tax liabilities. The highest median tax bill in the area is $7,272, found in the 60431 zip code. Compared to the national median property tax rate of 0.99%, Joliet's property tax bills can be considerably higher, reflecting the region's specific funding requirements and property values. This variation in tax bills can significantly impact homeowners' annual financial planning and overall housing affordability.
Average Joliet Tax Bill
$7,272
Average Kendall County Tax Bill
$7,273
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Joliet, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60431 | $4,714 | $5,569 | $7,272 | $8,203 | $8,879 |
Source: Ownwell