Park Forest, Will County, Illinois Property Taxes
Property Taxes in Park Forest, Illinois
Median Park Forest, Illinois effective property tax rate: 4.99%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median Park Forest, Illinois home value: $115,005
Median annual Park Forest, Illinois tax bill: $5,966, $3,566 higher than the national median property tax bill of $2,400.
How are property taxes in Will County calculated?
Property taxes in Park Forest, Illinois 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 Park Forest's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Park Forest, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Park Forest, Will County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
4.99%
Estimate Property Tax Bill
$5,739
$5,325
How Does the Park Forest Property Tax Calculator Work?
Use this Park Forest property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Park Forest's median effective tax rate of 4.99% — based on actual property records in Will County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Park Forest's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Park Forest: rates range from 4.99% in 60466 to 4.99% in 60466, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Park Forest.
About Park Forest Property Taxes
About Property Taxes in Park Forest, Will, Illinois
Park Forest’s median effective property tax rate of 4.99% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Will County base levy combined with local school district levies and special service areas that vary by subdivision throughout the city.
Property tax rates are not uniform across Park Forest. Homeowners in the 60466 ZIP code carry a median effective rate of 4.99%, while those in the same ZIP code also pay 4.99%. This means there is no spread across the city, but the rate is still well above the national median. Understanding how your assessed value is set can make a meaningful difference to your annual tax bill.
Park Forest homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Park Forest, Will County, Illinois
As noted earlier, 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 Park Forest's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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 Park Forest Tax Rate
4.99%
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 Park Forest, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | 2.85% | 4.07% | 4.99% | 5.56% | 6.21% |
Source: Ownwell
Property Tax Assessment Values Across Park Forest, Will County, Illinois
When examining property taxes in Park Forest, 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 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.
Assessment notices:
In Will County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month.
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 understanding how assessed and market values are determined, property owners can better navigate their tax responsibilities in Park Forest.
For example, the median home price in Park Forest is $115,005, with tax bills ranging significantly across the county. ZIP code 60466 has the highest median home price at $115,005.
Property Tax Assessment Values Across Park Forest, Will County, Illinois
Source: Ownwell
$115,005
$343,131
$571,257
Median Park Forest Market Value
$115,005
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 Park Forest, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $102,593 | $104,454 | $115,005 | $145,401 | $215,364 |
Source: Ownwell
Property Tax Bills Across Park Forest, Will County, Illinois
Property tax bills in Park Forest are calculated by applying the local property tax rate to a home’s assessed value, not its market price. The assessed value is based on how the property is valued for tax purposes, and the final bill also reflects local taxing authorities and exemptions that may apply. For homeowners, this means a higher assessed value can lead to a larger tax bill, even if the home has not been sold.
In Park Forest, the median home price is $115,005, and the median property tax bill is $5,966 in ZIP code 60466. That is well above the national median property tax bill of $2,400, showing how property taxes can take a bigger share of housing costs here. Tax bills can vary widely, with the 25th percentile at $5,084 and the 75th percentile at $7,096, while the 90th percentile reaches $10,367.
Median Park Forest Tax Bill
$5,966
Median Will County Tax Bill
$7,585
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Park Forest, Will County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60466 | $3,799 | $5,084 | $5,966 | $7,096 | $10,367 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
Links | |
|---|---|
| Will Tax Assessor | |
| Website | www.willcountysoa.com |