Chatsworth, Illinois Property Taxes
The median property tax rate in Chatsworth, IL is 3.51%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $123,574 in Chatsworth, the typical annual property tax bill reaches $4,239, surpassing the national median of $2,690. Property taxes in Chatsworth 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 Chatsworth'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 Chatsworth 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
Chatsworth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.51%
Estimate Property Tax Bill
$4,337
$4,025
Ownwell’s Chatsworth Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chatsworth with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chatsworth to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Livingston County for tax calculations, including any applicable exemptions.
Property Tax Rates Across Chatsworth, Illinois
Property taxes in Chatsworth, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatsworth is 3.51%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chatsworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatsworth 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 Chatsworth's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60921 zip code has the highest median property tax rate of 3.51%, while the same 60921 zip code also has the lowest median tax rate of 3.51%. Understanding how these cities compare with Chatsworth provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatsworth Tax Rate
3.51%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60921 | 2.43% | 2.81% | 3.51% | 3.97% | 4.38% |
Source: Ownwell
Property Tax Assessment Values Across Chatsworth, Illinois
In Chatsworth, 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 Livingston County Appraisal District 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 Chatsworth, 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 Chatsworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 60921 has a median tax bill of $4,239, reflecting the variations in tax burdens across different areas.
Average Chatsworth Assessed Value
$123,574
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60921 | $24,873 | $50,290 | $123,574 | $190,808 | $294,420 |
Source: Ownwell
Property Tax Bills Across Chatsworth, Illinois
In Chatsworth, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence the final amount, including the property's location, size, and any applicable exemptions. For example, the median home price in Chatsworth is $123,574. Homeowners in the 25th percentile can expect a tax bill around $2,454, while those in the 75th percentile might see a bill closer to $7,224. The highest median tax bill in the area is $4,239, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills can have a substantial impact on homeowners, influencing both monthly budgets and long-term financial planning. Higher tax bills may affect the affordability of homeownership, while lower tax bills can provide some financial relief. Understanding how these factors come together helps homeowners anticipate and manage their property tax obligations effectively.
Average Chatsworth Tax Bill
$4,239
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60921 | $1,203 | $2,454 | $4,239 | $7,224 | $11,272 |
Source: Ownwell