Bolingbrook, Illinois Property Taxes
The median property tax rate in Bolingbrook, IL is 3.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bolingbrook at $249,783, the typical annual property tax bill reaches $7,440, far exceeding the national median of $2,690. Property taxes in Bolingbrook 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 Bolingbrook'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 Bolingbrook 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
Bolingbrook, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$7,518
$7,347
Ownwell’s Bolingbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bolingbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bolingbrook 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 Bolingbrook, Illinois
Property taxes in Bolingbrook, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bolingbrook is 3.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bolingbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bolingbrook 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 Bolingbrook's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60440 zip code has the highest median property tax rate of 3.01%, while the 60490 zip code has the lowest median tax rate of 2.80%. Understanding how these areas compare with Bolingbrook 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 regions.
Average Bolingbrook Tax Rate
3.01%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bolingbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60440 | 2.65% | 2.91% | 3.01% | 3.08% | 3.29% |
| 60490 | 2.43% | 2.49% | 2.80% | 3.10% | 3.57% |
Source: Ownwell
Property Tax Assessment Values Across Bolingbrook, Illinois
In Bolingbrook, 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 Will 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 Bolingbrook, 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 Bolingbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Bolingbrook is $9,600 in the 60490 zip code, while the lowest median tax bill is $6,528 in the 60440 zip code.
Average Bolingbrook Assessed Value
$249,783
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bolingbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60440 | $152,662 | $183,666 | $220,296 | $264,562 | $331,602 |
| 60490 | $250,390 | $300,096 | $342,675 | $396,411 | $440,860 |
Source: Ownwell
Property Tax Bills Across Bolingbrook, Illinois
In Bolingbrook, located in Will County, IL, property tax bills are determined by the assessed value of a home, which is typically a percentage of its market value. Local tax rates are then applied to this assessed value to calculate the tax bill. Several factors influence the final tax amount, including the home's location, property type, and any applicable exemptions or deductions. For instance, the median home price in Bolingbrook is $249,783, which serves as a baseline for assessments. Homeowners in Bolingbrook experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $5,828, while at the 75th percentile, it rises to about $9,653. For those in the 90th percentile, the tax bill can reach up to $11,756. The highest median tax bill in the area is $9,600 in the 60490 zip code, while the lowest is $6,528 in the 60440 zip code. These rates are notably higher than the national median property tax rate of 0.99%, reflecting the local tax structure's impact on homeowners.
Average Bolingbrook Tax Bill
$7,440
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bolingbrook, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60440 | $4,043 | $5,274 | $6,528 | $8,018 | $10,540 |
| 60490 | $7,060 | $8,338 | $9,600 | $11,138 | $13,036 |
Source: Ownwell