Orland Park, Illinois Property Taxes
The median property tax rate in Orland Park, IL is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Orland Park at $311,198, the typical annual property tax bill reaches $7,446, exceeding the national median of $2,690. Property taxes in Orland Park 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 Orland Park'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 Orland Park 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
Orland Park, 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 Orland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orland Park 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 Orland Park, Illinois
Property taxes in Orland Park, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orland Park is 2.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Orland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orland Park 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 Orland Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60467 zip code has the highest median property tax rate of 2.43%, while the 60467 zip code also has the lowest median tax rate of 2.43%. Understanding how these cities compare with Orland Park 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 Orland Park Tax Rate
2.43%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orland Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60467 | 2.24% | 2.33% | 2.43% | 2.45% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Orland Park, Illinois
In Orland Park, 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 Orland Park, 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. The median home price in Orland Park is $311,198, with tax bills ranging from $6,793 at the 25th percentile to $9,596 at the 90th percentile. The zip code with the highest and lowest median tax bill is 60467, both at $7,446. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Orland Park Assessed Value
$311,198
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 Orland Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60467 | $276,434 | $287,382 | $311,198 | $331,751 | $411,299 |
Source: Ownwell
Property Tax Bills Across Orland Park, Illinois
In Orland Park, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $311,198, the assessed value is determined by local assessment practices. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including the property's location within specific school districts, municipal boundaries, and any applicable exemptions. In Orland Park, tax bills vary significantly, with the 25th percentile at $6,793 and the 75th percentile at $8,076. Homeowners in the 90th percentile can expect to pay around $9,596. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Orland Park's tax rates reflect the community's investment in maintaining high-quality public services, which can significantly impact homeowners' overall financial planning and property value appreciation.
Average Orland Park Tax Bill
$7,446
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Orland Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60467 | $6,180 | $6,793 | $7,446 | $8,076 | $9,596 |
Source: Ownwell