Elwood, Will County, Illinois Property Taxes

Name: Property Tax Bills Across Elwood, Will County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Elwood, IL effective property tax rate: 2.29%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Elwood, IL home value: $221,346
Median annual Elwood, IL tax bill: $5,001, $2,601 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

Property taxes in Elwood, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Elwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elwood, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Elwood, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.29%

Estimate Property Tax Bill

$5,069

$4,704

Ownwell’s Elwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, our calculator applies Elwood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Will County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elwood, Will County, Illinois

Local government entities determine property tax rates, which can vary significantly within Illinois. Each year, counties like Will estimate their budgetary needs for essential services and divide that by the total assessed value of all taxable properties within their borders, resulting in the property tax rate. This process, though influenced by votes and legislation, is fundamentally how tax rates are set annually.

In Elwood, located in Will County, the effective property tax rate is 2.29%. This rate is notably higher than the national median property tax rate of 1.02%. Compared to other cities in Illinois, Elwood's rate reflects the complexity and variation of property taxes within the state. While some areas might enjoy lower rates, others like Elwood face higher taxation due to local budgetary requirements and property values.

Understanding these dynamics is crucial for property owners seeking to manage their tax liabilities effectively. By comparing Elwood’s property tax rate to the state and national medians, homeowners can better assess their financial obligations and explore potential avenues for tax appeals or exemptions.

Property Tax Rates Across Elwood, Will County, Illinois

Source: Ownwell

1.73%

3.67%

5.61%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Elwood Tax Rate

2.29%

Median Effective Will County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Elwood, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60421	2.00%	2.17%	2.29%	2.35%	2.53%

Source: Ownwell

Property Tax Assessment Values Across Elwood, Will County, Illinois

When examining property taxes in Elwood, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Will County assessment authority estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Will County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Elwood. For example, the median home price in Elwood is $221,346, with tax bills ranging significantly across the county. Zip code 60421 has the highest median home price at $221,346.

Property Tax Assessment Values Across Elwood, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Elwood Market Value

$221,346

Median Will County Market Value

$251,502

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Elwood, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60421	$155,073	$188,466	$221,346	$279,596	$347,436

Source: Ownwell

Property Tax Bills Across Elwood, Will County, Illinois

In Elwood, Will County, IL, property tax bills are calculated 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 determine the annual tax bill. For example, the median home price in Elwood is $221,346, but tax bills can vary significantly. The 25th percentile tax bill is $4,027, while the 75th percentile reaches $6,519, and the 90th percentile can be as high as $8,302. These figures are considerably higher than the national median property tax bill of $2,400, reflecting the significant impact of property taxes on homeowners in this area. This can create a financial burden, especially for those with homes assessed at higher values. Ownwell offers property tax appeal and exemption services to help homeowners potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies or opportunities for exemptions, Ownwell can assist homeowners in achieving more manageable tax obligations.

Property Tax Bills Across Elwood, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Elwood Tax Bill

$5,001

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Elwood, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60421	$3,008	$4,027	$5,001	$6,519	$8,302

Source: Ownwell