Joliet, Illinois Property Taxes
The median property tax rate in Joliet, IL is 2.70%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Joliet at $173,100, the typical annual property tax bill reaches $4,525, exceeding the national median of $2,690. Property taxes in Joliet 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 Joliet'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 Joliet 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
Joliet, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Joliet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Joliet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Joliet 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 Joliet, Illinois
Property taxes in Joliet, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Joliet is 2.70%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Joliet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Joliet 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 Joliet's effective property tax rate to other areas in Will County and the national median. For comparison, the 60431 zip code has the highest median property tax rate of 2.78%, while the 60404 zip code has the lowest median tax rate of 2.36%. Understanding how these areas compare with Joliet 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 Joliet Tax Rate
2.70%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Joliet, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60404 | 2.20% | 2.32% | 2.36% | 2.50% | 2.58% |
| 60431 | 2.24% | 2.40% | 2.78% | 2.87% | 2.92% |
| 60432 | 2.08% | 2.52% | 2.70% | 3.07% | 3.08% |
| 60433 | 2.01% | 2.45% | 2.62% | 2.89% | 3.08% |
| 60435 | 2.23% | 2.46% | 2.72% | 2.83% | 3.08% |
| 60436 | 2.09% | 2.48% | 2.70% | 2.86% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Joliet, Illinois
In Joliet, 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 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 Joliet, 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 Joliet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Joliet is $6,564 in zip code 60404, while the lowest median tax bill is $3,184 in zip code 60432.
Average Joliet Assessed Value
$173,100
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 Joliet, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60404 | $200,613 | $239,700 | $288,129 | $336,111 | $397,783 |
| 60431 | $173,175 | $200,674 | $230,421 | $267,657 | $304,384 |
| 60432 | $80,332 | $97,288 | $120,324 | $156,953 | $230,936 |
| 60433 | $80,226 | $101,223 | $121,308 | $159,904 | $218,323 |
| 60435 | $123,581 | $152,739 | $186,528 | $226,058 | $265,386 |
| 60436 | $80,335 | $112,839 | $139,212 | $168,960 | $214,495 |
Source: Ownwell
Property Tax Bills Across Joliet, Illinois
In Joliet, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners in Joliet, the median home price stands at $173,100. Property tax bills can vary significantly; the 25th percentile tax bill is around $3,235, while the 75th percentile reaches approximately $5,964. At the 90th percentile, homeowners might see tax bills as high as $7,257. The highest median tax bill in Joliet, found in the 60404 zip code, is $6,564, whereas the lowest median tax bill, in the 60432 zip code, is $3,184. These figures highlight the substantial range in property tax obligations, which can impact homeowners' financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Joliet's rates reflect the local economic and real estate conditions.
Average Joliet Tax Bill
$4,525
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Joliet, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60404 | $4,930 | $5,573 | $6,564 | $7,912 | $9,566 |
| 60431 | $4,008 | $4,914 | $6,114 | $7,368 | $8,633 |
| 60432 | $1,619 | $2,435 | $3,184 | $4,431 | $6,463 |
| 60433 | $1,715 | $2,451 | $3,209 | $4,295 | $5,627 |
| 60435 | $2,830 | $3,938 | $4,896 | $6,066 | $7,109 |
| 60436 | $1,889 | $2,847 | $3,710 | $4,580 | $5,879 |
Source: Ownwell