Deerfield, Illinois Property Taxes
The median property tax rate in Deerfield, IL is 2.96%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Deerfield at $451,257, the typical annual property tax bill reaches $13,249, far exceeding the national median of $2,690. Property taxes in Deerfield 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 Deerfield'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 Deerfield 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
Deerfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.96%
Estimate Property Tax Bill
$13,357
$13,052
Ownwell’s Deerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deerfield 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 Deerfield, Illinois
Property taxes in Deerfield, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deerfield is 2.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Deerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deerfield 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 Deerfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60015 zip code has the highest median property tax rate of 2.96%, while the 60015 zip code also has the lowest median tax rate of 2.96%. Understanding how these cities compare with Deerfield provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deerfield Tax Rate
2.96%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deerfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | 2.71% | 2.85% | 2.96% | 3.05% | 3.10% |
Source: Ownwell
Property Tax Assessment Values Across Deerfield, Illinois
In Deerfield, 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 Lake 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 Deerfield, 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. Deerfield’s zip code 60015 has both the highest and lowest median tax bill of $13,249. Being aware of these valuation processes in Deerfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deerfield Assessed Value
$451,257
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deerfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $206,952 | $302,794 | $451,257 | $595,514 | $819,821 |
Source: Ownwell
Property Tax Bills Across Deerfield, Illinois
In Deerfield, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The property tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's market value, local tax rates, and any applicable exemptions. For instance, the median home price in Deerfield is $451,257, which significantly impacts the tax bill. Homeowners in the 25th percentile can expect to pay around $8,647, while those in the 75th percentile might pay approximately $17,721. The highest median tax bill in the area is $13,249, found in the 60015 zip code. These tax bills can be substantial, affecting homeowners' annual budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Deerfield's rates are notably higher, reflecting the area's property values and local government funding needs.
Average Deerfield Tax Bill
$13,249
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Deerfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $5,413 | $8,647 | $13,249 | $17,721 | $24,554 |
Source: Ownwell