Crest Hill, Illinois Property Taxes
The median property tax rate in Crest Hill, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Crest Hill at $191,744, the typical annual property tax bill reaches $4,688, exceeding the national median of $2,690. Property taxes in Crest Hill 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 Crest Hill'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 Crest Hill 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
Crest Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$4,928
$4,573
Ownwell’s Crest Hill Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Crest Hill using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crest Hill 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 Crest Hill, Illinois
Property taxes in Crest Hill, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crest Hill is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Crest Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crest Hill 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 Crest Hill's effective property tax rate to other areas in Will County and the national median. For comparison, the 60403 zip code has the highest median property tax rate of 2.57%, while the 60435 zip code has the lowest median tax rate of 2.21%. Understanding how these areas compare with Crest Hill 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 Crest Hill Tax Rate
2.57%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crest Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60403 | 1.90% | 2.43% | 2.57% | 2.67% | 2.84% |
| 60435 | 1.94% | 2.14% | 2.21% | 2.70% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Crest Hill, Illinois
In Crest Hill, 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 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 Crest Hill, 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. Crest Hill's highest median tax bill is $4,690 in the 60403 zip code, while the lowest median tax bill is $3,008 in the 60435 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crest Hill Assessed Value
$191,744
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 Crest Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60403 | $121,350 | $147,896 | $191,766 | $240,798 | $304,218 |
| 60435 | $109,945 | $114,856 | $135,948 | $212,505 | $234,493 |
Source: Ownwell
Property Tax Bills Across Crest Hill, Illinois
In Crest Hill, located in Will County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Various factors such as the home's size, location, and any applicable exemptions influence the assessed value. For homeowners in Crest Hill, the median home price is $191,744. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,504 and the 75th percentile reaching $6,179. The highest median tax bill within Crest Hill is $4,690, while the lowest median tax bill is $3,008. These figures highlight the range of property tax burdens homeowners may face, which can affect their financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Crest Hill homeowners may experience higher tax bills, impacting their annual expenses and potentially influencing their decisions on homeownership and property investments.
Average Crest Hill Tax Bill
$4,688
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Crest Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60403 | $2,717 | $3,507 | $4,690 | $6,180 | $7,806 |
| 60435 | $2,113 | $2,427 | $3,008 | $5,939 | $6,379 |
Source: Ownwell