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Inverness, Cook County, Illinois Property Taxes

  • Median Inverness, IL effective property tax rate: 2.32%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.

  • Median Inverness, IL home value: $558,740

  • Median annual Inverness, IL tax bill: $12,820, $10,420 higher than the national median property tax bill of $2,400.

How are property taxes in Cook calculated?

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

Last Updated March 1, 2025

Inverness, Cook County, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.32%

Estimate Property Tax Bill

$12,963

$12,029

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Inverness Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Inverness with just two data points. By entering your property's estimated assessed value, our calculator applies Inverness'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 more 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 Cook County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Inverness, Cook County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates the budget required to provide essential services and divides that by the total assessed value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual process.

In Inverness, located in Cook County, property tax rates can be compared to other cities in Illinois and the national median. Inverness's effective property tax rate stands out in the state, with Cook County showcasing a diverse range of rates. Some areas within the county have higher rates, while others are lower. This diversity highlights the unique financial landscapes within the county and the state. When compared to the national median property tax rate of 1.02%, the rates in Inverness and Cook County reflect the local economic and budgetary needs. Understanding these differences can provide property owners with valuable insights into their tax obligations and potential savings through appeals and exemptions.

Property Tax Rates Across Inverness, Cook County, Illinois

Source: Ownwell

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1.47%

4.93%

8.39%

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 Inverness Tax Rate

2.32%

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 Cook County Tax Rate

2.01%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Inverness, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
600101.78%1.95%2.13%2.49%2.83%
600671.98%2.21%2.41%2.61%2.79%

Source: Ownwell

Property Tax Assessment Values Across Inverness, Cook County, Illinois

When examining property taxes in Inverness, Illinois, 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 Cook County Assessor's Office 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 Cook 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 Inverness. For example, the median home price in Inverness is $558,740, with tax bills ranging significantly across the county. The 60010 zip code has the highest median home price at $588,830.

Property Tax Assessment Values Across Inverness, Cook County, Illinois

Source: Ownwell

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$25,480

$637,740

$1,250,000

Median Inverness Market Value

$558,740

Median Cook County Market Value

$210,000

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Inverness, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60010$400,000$485,210$588,830$746,008$912,725
60067$335,773$402,805$520,000$659,820$851,546

Source: Ownwell

Property Tax Bills Across Inverness, Cook County, Illinois

In Inverness, Cook County, IL, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in Inverness is $558,740, and property taxes are significantly higher than the national median, reflecting the area's high property values. The tax bill at the 25th percentile is $10,270, while the 75th percentile reaches $16,344, and the 90th percentile climbs to $20,874. These figures highlight the potential financial burden on homeowners, especially when compared to the national median property tax bill of $2,400. The highest median tax bill in the area is $13,245 in the 60010 zip code, while the lowest is $12,505 in the 60067 zip code. Homeowners can feel the pinch of these high taxes, impacting their overall financial health. Ownwell offers a solution by helping homeowners navigate the complex property tax appeal process, potentially lowering their tax bills and offering significant savings. With expert guidance, homeowners can ensure their property taxes are fair and manageable.

Property Tax Bills Across Inverness, Cook County, Illinois

Source: Ownwell

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$569

$15,332

$30,094

Median Inverness Tax Bill

$12,820

Median Cook County Tax Bill

$4,680

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Inverness, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60010$9,288$10,824$13,245$16,231$20,173
60067$7,023$9,600$12,505$16,496$21,878

Source: Ownwell

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