University Park, Will County, Illinois Property Taxes

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

Median University Park, IL effective property tax rate: 4.13%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median University Park, IL home value: $126,471
Median annual University Park, IL tax bill: $4,780, $2,380 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

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

Last Updated March 1, 2025

University Park, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

4.13%

Estimate Property Tax Bill

$5,223

$4,847

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

Local government entities set tax rates, which can vary widely within Illinois. This is because 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. University Park in Will County, IL, has an effective property tax rate of 4.13%, which is significantly higher than the national median property tax rate of 1.02%. This makes University Park one of the highest in Illinois. Homeowners in this area face a substantial property tax burden compared to the national average. Understanding these differences is crucial for property owners looking to manage their tax liabilities effectively. By comparing University Park’s rate to other cities in Illinois and the median property tax rates in the U.S., property owners can gain insights into their tax obligations and explore potential savings through appeals or exemptions.

Property Tax Rates Across University 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 University Park Tax Rate

4.13%

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 University Park, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60484	2.97%	3.62%	4.13%	4.70%	4.70%
60466	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

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

When examining property taxes in University 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 appraisal district 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 University Park. For example, the median home price in University Park is $126,471, with tax bills ranging significantly across the county. Zip code 60484 has the highest median home price at $126,381.

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

Source: Ownwell

$101,070

$390,154

$679,238

Median University Park Market Value

$126,471

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 University Park, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60484	$48,957	$76,047	$126,381	$155,334	$188,747
60466	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across University Park, Will County, Illinois

In University Park, Will County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median property tax bill in this area stands at $4,780, notably higher than the national median of $2,400. Tax bills can vary significantly, with the 25th percentile at $2,727 and the 75th percentile reaching $6,366. The 90th percentile can escalate to $7,958, reflecting the impact of property value and local tax rates on homeowners' financial responsibilities. Such high tax bills can be a significant burden for many homeowners. Factors like local government budgets, school funding, and public services contribute to these rates. Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners potentially lower their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists in filing appeals, aiming to reduce the financial strain on homeowners. This service can lead to substantial savings, making property ownership more affordable in University Park.

Property Tax Bills Across University Park, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median University Park Tax Bill

$4,780

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across University Park, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60484	$1,436	$2,727	$4,780	$6,368	$7,954
60466	N/A	N/A	N/A	N/A	N/A

Source: Ownwell