Tinley Park, Illinois Property Taxes
The median property tax rate in Tinley Park, IL is 3.16%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tinley Park at $387,622, the typical annual property tax bill reaches $12,329, far exceeding the national median of $2,690. Property taxes in Tinley Park 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 Tinley 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 Tinley 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
Tinley Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.16%
Estimate Property Tax Bill
$12,249
$11,367
Ownwell’s Tinley Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tinley Park with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tinley Park to provide an accurate estimate of your property tax bill. This invaluable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the figure assigned by Will County for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Tinley Park, Illinois
Property taxes in Tinley Park, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Tinley Park stands at 3.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tinley Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tinley 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 Tinley Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60487 zip code has the highest median property tax rate of 3.16%, while the same zip code also has the lowest median tax rate of 3.16%. Understanding how these cities compare with Tinley 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 Tinley Park Tax Rate
3.16%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tinley Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60487 | 2.89% | 3.09% | 3.16% | 3.23% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Tinley Park, Illinois
In Tinley 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's 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. In Tinley 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. 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 Tinley Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $12,329 in zip code 60487, while the lowest is also $12,329 in the same zip code.
Average Tinley Park Assessed Value
$387,622
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 Tinley Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60487 | $195,876 | $253,872 | $387,622 | $418,852 | $452,925 |
Source: Ownwell
Property Tax Bills Across Tinley Park, Illinois
In Tinley Park, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it's multiplied by the local tax rate to determine the tax bill. Several factors influence this calculation, including property size, location, and any improvements made to the property. For homeowners in Tinley Park, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $7,972, while the 75th percentile reaches $13,438, and the 90th percentile can go up to $14,555. The highest median tax bill in the area is $12,329, specifically in the 60487 zip code. These figures are notably higher than the national median property tax rate of 0.99%. Therefore, understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Tinley Park Tax Bill
$12,329
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tinley Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60487 | $6,012 | $7,972 | $12,329 | $13,438 | $14,555 |
Source: Ownwell