Richton Park, Will County, Illinois Property Taxes

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

Median Richton Park, IL effective property tax rate: 2.71%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Richton Park, IL home value: $171,554
Median annual Richton Park, IL tax bill: $4,702, $2,302 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

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

Last Updated March 1, 2025

Richton Park, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.71%

Estimate Property Tax Bill

$4,649

$4,314

Ownwell’s Richton Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richton Park with just two data points. By entering your property's estimated assessed value, our calculator applies Richton Park’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 Richton Park, Will County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Richton Park’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Richton Park, located in Will County, showcases a property tax rate that stands out in Illinois. The median property tax rate here is 2.71%, which is notably higher than the national median of 1.02%. This rate is consistent across the region, as Richton Park also holds both the highest and lowest median tax rates within its zip code 60471. The property tax bill reflects the high rate, surpassing the national median bill of $2,400. These figures highlight the importance of understanding local tax dynamics, especially when they significantly exceed national averages.

Property Tax Rates Across Richton Park, 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 Richton Park Tax Rate

2.71%

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 Richton Park, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60471	2.40%	2.60%	2.71%	2.92%	3.05%

Source: Ownwell

Property Tax Assessment Values Across Richton Park, Will County, Illinois

When examining property taxes in Richton Park, 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 Assessor 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 May. 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 Richton Park.

For example, the median home price in Richton Park is $171,554, with tax bills ranging significantly across the county. Zip code 60471 has the highest median home price at $171,554.

Property Tax Assessment Values Across Richton Park, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Richton Park Market Value

$171,554

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 Richton Park, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60471	$121,665	$140,630	$171,554	$221,486	$316,556

Source: Ownwell

Property Tax Bills Across Richton Park, Will County, Illinois

In Richton 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. The local tax rate is then applied to this assessed value to determine the annual tax bill. With a median home price of $171,554, homeowners in Richton Park face a median property tax bill of $4,702, significantly higher than the national median of $2,400. Tax bills in the area can range widely, from $3,457 at the 25th percentile to $8,853 at the 90th percentile, reflecting variations in home values and local tax rates. High property taxes can be a burden for homeowners, impacting their financial stability. Ownwell offers a valuable service by helping homeowners appeal their property tax assessments and secure exemptions. By reviewing property assessments and identifying discrepancies, Ownwell can assist in reducing tax liabilities, ensuring homeowners in Richton Park pay only their fair share.

Property Tax Bills Across Richton Park, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Richton Park Tax Bill

$4,702

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Richton Park, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60471	$3,054	$3,457	$4,702	$6,466	$8,853

Source: Ownwell