Highland Park, Illinois Property Taxes
The median property tax rate in Highland Park, IL is 2.83%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Highland Park at $483,009, the typical annual property tax bill reaches $13,494, far exceeding the national median of $2,690. Property taxes in Highland 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 Highland 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 Highland 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
Highland Park, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Highland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland Park to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Highland Park, Illinois
Property taxes in Highland 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 Highland Park is 2.83%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Highland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland 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 Highland Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60035 zip code has the highest median property tax rate of 2.83%, while the same zip code also has the lowest median tax rate of 2.83%. Understanding how these figures compare with Highland 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 Highland Park Tax Rate
2.83%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60035 | 2.60% | 2.70% | 2.83% | 2.92% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Highland Park, Illinois
In Highland Park, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Appraisal District 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. Assessment notices in Highland Park 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. Being aware of these valuation processes in Highland Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Highland Park are both $13,494 in zip code 60035.
Property Tax Assessment Values Across Highland Park, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Highland Park Assessed Value
$483,009
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 Highland Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60035 | $246,625 | $343,555 | $483,009 | $703,462 | $962,124 |
Source: Ownwell
Property Tax Bills Across Highland Park, Illinois
In Highland Park, located in Lake County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this process, including the property's location, size, and improvements, as well as local government budgets and school district funding needs. For homeowners in Highland Park, the median home price is $483,009, and property tax bills can vary significantly. The 25th percentile tax bill is $9,462, while the 75th percentile reaches $19,888. At the 90th percentile, homeowners may face tax bills as high as $27,502. Highland Park's property tax rate is notably higher than the national median of 0.99%, reflecting the area's higher property values and funding requirements. This substantial tax burden can impact homeowners' financial planning and the overall cost of owning property in this desirable community.
Average Highland Park Tax Bill
$13,494
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60035 | $6,314 | $9,462 | $13,494 | $19,888 | $27,502 |
Source: Ownwell