Shorewood, Illinois Property Taxes
The median property tax rate in Shorewood, IL is 2.74%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $270,948 in Shorewood, the typical annual property tax bill reaches $7,418, far exceeding the national median of $2,690. Property taxes in Shorewood 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 Shorewood'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 Shorewood 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
Shorewood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$7,424
$7,254
Ownwell’s Shorewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shorewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shorewood 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 Shorewood, Illinois
Property taxes in Shorewood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shorewood is 2.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shorewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shorewood 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 Shorewood's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 60431 has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these figures compare with Shorewood provides valuable insights into the varying tax landscape across Kendall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shorewood Tax Rate
2.74%
Average Kendall County Tax Rate
2.83%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shorewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60431 | 2.40% | 2.52% | 2.74% | 2.74% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Shorewood, Illinois
In Shorewood, 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'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 Shorewood, 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 Shorewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Shorewood is $7,418 in the 60431 zip code, while the lowest median tax bill is also $7,418 in the same zip code.
Average Shorewood Assessed Value
$270,948
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 Shorewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60431 | $244,577 | $254,466 | $270,948 | $279,086 | $283,968 |
Source: Ownwell
Property Tax Bills Across Shorewood, Illinois
Property tax bills in Shorewood, located in Kendall County, Illinois, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate set by local authorities. Homeowners in Shorewood experience a higher property tax burden compared to the national median property tax rate of 0.99%. In Shorewood, the median home price is $270,948, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $6,458, while at the 75th percentile, it reaches $7,657. At the 90th percentile, it can go up to $7,800. The highest median tax bill recorded in the area is $7,418 in the 60431 zip code, which is also the lowest median tax bill in the same region. These property tax rates can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Shorewood Tax Bill
$7,418
Average Kendall County Tax Bill
$7,273
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shorewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60431 | $5,883 | $6,458 | $7,418 | $7,657 | $7,800 |
Source: Ownwell