Wilmington, Will County, Illinois Property Taxes

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

Median Wilmington, IL effective property tax rate: 2.20%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Wilmington, IL home value: $169,647
Median annual Wilmington, IL tax bill: $3,534, $1,134 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

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

Last Updated March 1, 2025

Wilmington, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.2%

Estimate Property Tax Bill

$3,732

$3,463

Ownwell’s Wilmington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wilmington with just two data points.

By entering your property's estimated assessed value, our calculator applies Wilmington’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 Wilmington, Will County, Illinois

Local government entities set tax rates, which can vary widely within a state. Why? 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. Below, you can compare Wilmington’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

In Wilmington, located in Will County, the effective property tax rate stands out. Illinois, known for its relatively high property tax rates, has a median rate significantly above the national median. Wilmington’s rate reflects this trend, aligning with the state's higher-than-average property tax rates. This can be attributed to the local government’s need to fund services, which is a common scenario across various counties. Comparing Wilmington's rate to the national median highlights the disparity and underscores the importance of understanding local tax obligations. For property owners in Wilmington, being aware of these rates is crucial for financial planning and making informed decisions about property investments.

Property Tax Rates Across Wilmington, 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 Wilmington Tax Rate

2.20%

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 Wilmington, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60481	1.68%	1.97%	2.20%	2.34%	2.43%

Source: Ownwell

Property Tax Assessment Values Across Wilmington, Will County, Illinois

When examining property taxes in Wilmington, 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 Wilmington.

For example, the median home price in Wilmington is $169,647, with tax bills ranging significantly across the county. Zip code 60481 has the highest median home price at $169,647.

Property Tax Assessment Values Across Wilmington, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Wilmington Market Value

$169,647

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 Wilmington, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60481	$57,547	$119,670	$169,647	$234,672	$296,542

Source: Ownwell

Property Tax Bills Across Wilmington, Will County, Illinois

In Wilmington, located in Will County, Illinois, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor and reflects a percentage of the property's market value. The tax rate, set by local taxing authorities, is then applied to this assessed value to determine the annual tax bill. Homeowners in Wilmington face a median property tax bill of $3,534, which is notably higher than the national median of $2,400. Factors influencing the tax bill include local government budgets, school district funding, and public services. For homeowners, this can mean a significant financial burden, especially if property values increase. Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing property assessments and market trends, Ownwell helps homeowners identify potential savings and navigate the appeal process. This can lead to reduced tax bills, offering financial relief and peace of mind for Wilmington homeowners.

Property Tax Bills Across Wilmington, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Wilmington Tax Bill

$3,534

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Wilmington, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60481	$1,149	$2,297	$3,534	$5,146	$6,689

Source: Ownwell