Coal City, Will County, Illinois Property Taxes
Median Coal City, IL effective property tax rate: 1.94%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Coal City, IL home value: $138,464
Median annual Coal City, IL tax bill: $2,919, $519 higher than the national median property tax bill of $2,400.
How are property taxes in Will County calculated?
Property taxes in Coal City, 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 Coal City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Coal City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Coal City, Will County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.28%
Estimate Property Tax Bill
$4,548
$4,221
Property Tax Rates Across Coal City, Will County, Illinois
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This variation occurs because each county, such as Will County, estimates its required budget annually to provide essential services. This budget is then divided by the total value of all taxable property within the county's jurisdiction, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is the fundamental process followed every year.
In Coal City, located in Will County, IL, the effective property tax rate is a critical factor for homeowners. When compared to other cities in Illinois and the national median, Coal City's rate provides insight into the local tax landscape. The median property tax rate in Illinois stands at 1.94%, which is considerably higher than the national median of 1.02%. This means that property owners in Coal City may face higher tax bills compared to the national average, affecting overall affordability and financial planning. Understanding these rates can help residents make informed decisions about property ownership and investment in the area.
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 Coal City Tax Rate
2.28%
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 Will County Tax Rate
2.67%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Coal City, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | 1.92% | 2.12% | 2.28% | 2.49% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Coal City, Will County, Illinois
When examining property taxes in Coal City, 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 Assessor 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 Coal City. For example, the median home price in Coal City is $138,464, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Coal City, Will County, Illinois
Source: Ownwell
$115,005
$343,131
$571,257
Median Coal City Market Value
$199,492
Median Will County Market Value
$280,557
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Coal City, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $76,492 | $148,846 | $199,492 | $211,226 | $245,600 |
Source: Ownwell
Property Tax Bills Across Coal City, Will County, Illinois
Median Coal City Tax Bill
$4,230
Median Will County Tax Bill
$7,585
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Coal City, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $1,770 | $3,446 | $4,230 | $4,788 | $5,916 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
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Links | |
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| Will Tax Assessor | |
| Website | www.willcountysoa.com |