Elwood, Illinois Property Taxes
The median property tax rate in Elwood, IL is 2.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elwood at $221,346, the typical annual property tax bill reaches $5,001, significantly exceeding the national median of $2,690. Property taxes in Elwood 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 Elwood'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 Elwood 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
Elwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$5,069
$4,704
Ownwell’s Elwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Elwood, Illinois
Property taxes in Elwood, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 2.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60421 has the highest median property tax rate of 2.29%, while the same zip code also has the lowest median tax rate of 2.29%. Understanding how these cities compare with Elwood 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 Elwood Tax Rate
2.29%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, 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, Illinois
In Elwood, 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 Assessment 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 Elwood, 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 Elwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60421 has both the highest and lowest median tax bills at $5001, highlighting the consistency in property tax assessments in the area.
Average Elwood Assessed Value
$221,346
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 Elwood, 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, Illinois
In Elwood, located in Will County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. For instance, if your home has a median market price of $221,346, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine your annual property tax bill. Several factors influence the property tax bill, including the market value of the home, the assessment ratio, and the local tax rate. In Elwood, homeowners can expect property tax bills to vary significantly. The 25th percentile tax bill is around $4,027, while the 75th percentile reaches $6,519, and the 90th percentile climbs to $8,302. This range indicates how property taxes can impact homeowners differently, depending on the value of their property and the applicable exemptions. Compared to the national median property tax rate of 0.99%, Elwood's rates reflect the local economic conditions and funding needs.
Average Elwood Tax Bill
$5,001
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, 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