Shorewood, Illinois Property Taxes
The median property tax rate in Shorewood, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shorewood at $296,559, the typical annual property tax bill reaches $7,454, exceeding the national median of $2,690. Property taxes in Shorewood 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 Shorewood'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 Shorewood 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
Shorewood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$7,444
$7,274
Ownwell’s Shorewood Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with a quick and easy way to estimate their annual property taxes in Shorewood. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Shorewood to give you an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan your finances better. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Will County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Shorewood, Illinois
Property taxes in Shorewood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shorewood is 2.51%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shorewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shorewood 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 Shorewood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60404 zip code has the highest median property tax rate of 2.51%, while the 60404 zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Shorewood 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 Shorewood Tax Rate
2.51%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shorewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60404 | 2.31% | 2.41% | 2.51% | 2.69% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Shorewood, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shorewood, 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 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. Assessment notices in Shorewood 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. For instance, Shorewood's median home price is $296,559, with tax bills ranging from $5,735 at the 25th percentile to $10,512 at the 90th percentile. The highest and lowest median tax bills are both $7,454 in the 60404 zip code. 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 Shorewood Assessed Value
$296,559
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 Shorewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60404 | $192,990 | $231,882 | $296,559 | $356,331 | $409,997 |
Source: Ownwell
Property Tax Bills Across Shorewood, Illinois
In Shorewood, 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 size, location, and condition. Homeowners in Shorewood experience property tax bills that can vary significantly. For example, the 25th percentile tax bill is around $5,735, while the 75th percentile tax bill reaches $9,001. At the higher end, the 90th percentile tax bill can be as much as $10,512. The median home price in Shorewood is approximately $296,559, which places the property tax rate above the national median of 0.99%. This higher tax burden can affect homeowners by increasing their annual financial obligations, making it essential for them to budget accordingly. Understanding these factors and their implications can help homeowners better manage their finances and anticipate future tax bills.
Average Shorewood Tax Bill
$7,454
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shorewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60404 | $4,554 | $5,735 | $7,454 | $9,001 | $10,512 |
Source: Ownwell