Highwood, Illinois Property Taxes
The median property tax rate in Highwood, IL, is 2.69%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Highwood at $295,246, the typical annual property tax bill reaches $7,962, exceeding the national median of $2,690. Property taxes in Highwood 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 Highwood'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 Highwood 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
Highwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.69%
Estimate Property Tax Bill
$7,942
$7,761
Ownwell’s Highwood Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Highwood. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Highwood to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities, making financial planning easier. For those interested in more granular insights, additional localized information is available. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions. Explore the calculator to better understand your property tax obligations in Highwood.
Property Tax Rates Across Highwood, Illinois
Property taxes in Highwood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highwood is 2.69%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Highwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highwood 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 Highwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60040 zip code has the highest median property tax rate of 2.69%, while the same zip code also has the lowest median tax rate of 2.69%. Understanding how these cities compare with Highwood 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 Highwood Tax Rate
2.69%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60040 | 2.43% | 2.60% | 2.69% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Highwood, Illinois
In Highwood, 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 Assessor's Office 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 Highwood, 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. Being aware of these valuation processes in Highwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Highwood, the median home price is $295,246, with the highest median tax bill of $7,962 found in the 60040 zip code.
Average Highwood Assessed Value
$295,246
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 Highwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60040 | $177,532 | $235,660 | $295,246 | $426,584 | $610,664 |
Source: Ownwell
Property Tax Bills Across Highwood, Illinois
In Highwood, 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. For example, a home in Highwood with a median home price of $295,246 will have its tax bill calculated from this assessed value. The tax rate, set by local taxing authorities, is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Highwood, homeowners can expect a tax bill that varies significantly; the 25th percentile tax bill is around $6,114, while the 75th percentile reaches up to $11,664, and the 90th percentile can be as high as $16,426. These amounts are considerably higher than the national median property tax rate of 0.99%, reflecting the relatively high property tax rates in Lake County. This can significantly impact homeowners, affecting their overall cost of living and long-term financial planning.
Average Highwood Tax Bill
$7,962
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Highwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60040 | $4,107 | $6,114 | $7,962 | $11,664 | $16,426 |
Source: Ownwell