Lake Barrington, Illinois Property Taxes
The median property tax rate in Lake Barrington, IL is 2.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lake Barrington at $334,314, the typical annual property tax bill reaches $7,583, exceeding the national median of $2,690. Property taxes in Lake Barrington 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 Lake Barrington'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 Lake Barrington 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
Lake Barrington, 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 Lake Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Barrington 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 Lake Barrington, Illinois
Property taxes in Lake Barrington, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Barrington is 2.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Barrington 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 Lake Barrington's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60084 zip code has the highest median property tax rate of 2.92%, while the 60010 zip code has the lowest median tax rate of 2.28%. Understanding how these areas compare with Lake Barrington 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 Lake Barrington Tax Rate
2.29%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.08% | 2.19% | 2.28% | 2.35% | 2.43% |
| 60084 | 2.79% | 2.84% | 2.92% | 2.98% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Lake Barrington, Illinois
In Lake Barrington, 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 Lake Barrington, 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. For instance, the median home price in Lake Barrington is $334,314, with tax bills ranging from $5,737 at the 25th percentile to $15,454 at the 90th percentile. Notably, the highest median tax bill is $11,548 in zip code 60084, while the lowest is $7,438 in zip code 60010. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Barrington, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Lake Barrington Assessed Value
$334,314
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 Lake Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $208,047 | $261,377 | $330,864 | $497,913 | $655,005 |
| 60084 | $331,179 | $373,707 | $407,717 | $469,335 | $543,100 |
Source: Ownwell
Property Tax Bills Across Lake Barrington, Illinois
In Lake Barrington, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Several factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, local tax rates are applied to calculate the tax bill. Homeowners in Lake Barrington face varying tax bills. For instance, the median home price is $334,314, and tax bills range widely. The 25th percentile tax bill stands at $5,737, while the 75th percentile tax bill reaches $11,749. At the 90th percentile, homeowners may see tax bills as high as $15,454. This variation significantly impacts homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Lake Barrington's tax rates can be relatively high, reflecting the community's property values and local funding needs. This makes understanding property assessments and tax rates crucial for homeowners in the area.
Average Lake Barrington Tax Bill
$7,583
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $4,511 | $5,657 | $7,438 | $11,622 | $15,394 |
| 60084 | $9,374 | $10,411 | $11,548 | $13,628 | $16,236 |
Source: Ownwell