Deer Park, Illinois Property Taxes
The median property tax rate in Deer Park, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Deer Park, the typical annual property tax bill reaches $12,210, far exceeding the national median of $2,690. Property taxes in Deer 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 Deer 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 Deer Park or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deer Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$12,140
$11,863
Ownwell’s Deer Park Property Tax Bill Calculator is an essential tool for any homeowner, real estate investor, or potential owner looking to estimate their annual property taxes in Deer Park. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Deer Park to provide an accurate estimate of your property tax bill. This valuable tool allows you to understand your potential tax liabilities effortlessly. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Lake County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Deer Park, Illinois
Property taxes in Deer Park, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer Park is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Deer Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer 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 Deer Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60010 zip code has both the highest and lowest median property tax rate of 2.25%. Understanding how these cities compare with Deer Park provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer Park Tax Rate
2.25%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.11% | 2.16% | 2.25% | 2.33% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Deer Park, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Deer Park, Illinois. 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 Lake 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 Deer 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. Deer Park has a median home price of $539,577. The 25th percentile tax bill is $10,187, while the 75th percentile tax bill reaches $13,866. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deer Park Assessed Value
$539,577
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deer Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $389,161 | $460,699 | $539,577 | $619,028 | $718,939 |
Source: Ownwell
Property Tax Bills Across Deer Park, Illinois
In Deer Park, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value, reflecting current real estate trends. For instance, the median home price in Deer Park is $539,577. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions. Homeowners in Deer Park experience varying tax bills; the 25th percentile tax bill is around $10,187, while the 75th percentile reaches $13,866. The 90th percentile tax bill can go as high as $16,089. These figures highlight the substantial impact property taxes can have on homeowners' finances. Compared to the national median property tax rate of 0.99%, Deer Park's property tax bills are notably higher, reflecting the area's home values and local tax policies. This can significantly affect homeowners, influencing decisions related to homeownership and financial planning.
Average Deer Park Tax Bill
$12,210
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $8,691 | $10,187 | $12,210 | $13,866 | $16,089 |
Source: Ownwell