University Park, Illinois Property Taxes
The median property tax rate in University Park, IL is 4.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in University Park at $126,471, the typical annual property tax bill reaches $4,780, far exceeding the national median of $2,690. Property taxes in University Park 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 University 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 University Park or another part of Will County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
University Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.13%
Estimate Property Tax Bill
$5,223
$5,104
Ownwell’s University Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in University Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in University Park 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 University Park, Illinois
Property taxes in University Park, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in University Park is 4.13%, significantly higher than the U.S. national median of 0.99%. Local government entities within University Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, University 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 University Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60484 zip code has the highest median property tax rate of 4.13%, while the 60466 zip code has the lowest median tax rate of 2.51%. Understanding how these areas compare with University 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 University Park Tax Rate
4.13%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across University Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | 1.66% | 2.38% | 2.51% | 3.31% | 3.43% |
| 60484 | 2.97% | 3.62% | 4.13% | 4.70% | 4.70% |
Source: Ownwell
Property Tax Assessment Values Across University Park, Illinois
In University 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 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 University 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 University 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 $4,857 in the 60466 zip code, while the lowest median tax bill is $4,780 in the 60484 zip code.
Property Tax Assessment Values Across University Park, Illinois
Source: Ownwell
$101,070
$390,154
$679,238
Average University Park Assessed Value
$126,471
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 University Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $128,140 | $153,045 | $164,331 | $193,173 | $256,799 |
| 60484 | $48,957 | $76,047 | $126,381 | $155,334 | $188,747 |
Source: Ownwell
Property Tax Bills Across University Park, Illinois
In University Park, IL, 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 typically a percentage of the property's market value. Various factors such as the home's location, size, and condition are considered during the assessment process. University Park's median home price is $126,471, and property tax rates in Will County are relatively high compared to the national median of 0.99%. Homeowners in University Park can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $2,727, while the 75th percentile tax bill can go up to $6,366. The 90th percentile tax bill reaches $7,958, reflecting the variability based on property values and local tax rates. The highest median tax bill in the area is $4,857 in the zip code 60466, while the lowest is $4,780 in the zip code 60484. These property taxes directly impact homeowners, influencing their overall cost of living and financial planning.
Average University Park Tax Bill
$4,780
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across University Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $2,245 | $3,640 | $4,857 | $5,439 | $8,490 |
| 60484 | $1,436 | $2,727 | $4,780 | $6,368 | $7,954 |
Source: Ownwell