Steger, Illinois Property Taxes
The median property tax rate in Steger, IL is 3.24%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Steger, the typical annual property tax bill reaches $3,887, exceeding the national median of $2,690. Property taxes in Steger 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 Steger'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 Steger 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
Steger, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.24%
Estimate Property Tax Bill
$3,964
$3,873
Ownwell’s Steger Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Steger with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steger 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 Steger, Illinois
Property taxes in Steger, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steger is 3.24%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Steger set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steger 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 Steger's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60475 zip code has the highest median property tax rate of 3.24%, while the lowest median tax rate is also 3.24%. Understanding how these areas compare with Steger 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 Steger Tax Rate
3.24%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steger, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60475 | 2.48% | 3.06% | 3.24% | 3.42% | 3.79% |
Source: Ownwell
Property Tax Assessment Values Across Steger, Illinois
In Steger, 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 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 Steger, 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 Steger helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Steger are both $3,887, found in zip code 60475.
Average Steger Assessed Value
$122,340
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 Steger, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60475 | $90,542 | $103,852 | $122,340 | $148,954 | $179,110 |
Source: Ownwell
Property Tax Bills Across Steger, Illinois
Property tax bills in Steger, located in Will County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value typically represents a percentage of the property's market value. For example, with a median home price of $122,340, the tax bill varies significantly across different percentiles. Homeowners at the 25th percentile pay around $3,136, while those at the 75th percentile face a tax bill of approximately $4,942. At the 90th percentile, the tax bill can reach up to $6,028. These amounts are considerably higher than the national median property tax rate of 0.99%. The highest and lowest median tax bills in Steger are both recorded at $3,887, indicating a consistent tax burden across the region. Factors influencing these tax bills include property value assessments and local government tax rates, impacting homeowners by contributing to their annual financial obligations. Understanding these elements helps residents anticipate and plan for their property tax responsibilities.
Average Steger Tax Bill
$3,887
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Steger, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60475 | $2,276 | $3,136 | $3,887 | $4,942 | $6,028 |
Source: Ownwell