Park Forest, Illinois Property Taxes
The median property tax rate in Park Forest, IL is 5.61%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $101,070, the typical annual property tax bill in Park Forest reaches $6,044, substantially exceeding the national median of $2,690. Property taxes in Park Forest are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Park Forest'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 Park Forest 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
Park Forest, 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 PARK FOREST Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK FOREST with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK FOREST 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 Park Forest, Illinois
Property taxes in Park Forest, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Forest is 5.61%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Park Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Forest 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 Park Forest's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60466 zip code has both the highest and lowest median property tax rate of 5.61%. Understanding how these cities compare with Park Forest 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 Park Forest Tax Rate
5.61%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | 3.36% | 4.85% | 5.61% | 6.27% | 6.87% |
Source: Ownwell
Property Tax Assessment Values Across Park Forest, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Park Forest, Illinois. 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 Park Forest, 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 Park Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,044, found in the zip code 60466.
Average Park Forest Assessed Value
$101,070
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 Park Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $90,228 | $91,884 | $101,070 | $126,904 | $190,412 |
Source: Ownwell
Property Tax Bills Across Park Forest, Illinois
In Park Forest, located in Will County, IL, property tax bills are determined based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to calculate the tax bill. For example, with a median home price of $101,070, homeowners in Park Forest can expect tax bills that vary significantly. The 25th percentile tax bill is around $4,985, while the 75th percentile tax bill reaches approximately $6,839. At the 90th percentile, tax bills can soar up to $10,504. These figures are notably higher compared to the national median property tax rate of 0.99%, reflecting the region's higher local tax rates. This significant range in tax bills highlights the importance of understanding how local assessments and tax rates impact the overall financial burden on homeowners. For residents, this means that property taxes can represent a substantial portion of their annual expenses, influencing both affordability and long-term financial planning.
Average Park Forest Tax Bill
$6,044
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $3,930 | $4,985 | $6,044 | $6,839 | $10,504 |
Source: Ownwell