Lake Forest, Illinois Property Taxes
The median property tax rate in Lake Forest, IL is 1.94%, 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 Forest at $758,576, the typical annual property tax bill reaches $15,103, exceeding the national median of $2,690. Property taxes in Lake Forest 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 Forest'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 Forest 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 Forest, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$14,716
$14,380
Ownwell’s Lake Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Forest 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 Forest, Illinois
Property taxes in Lake Forest, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Forest is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Forest 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 Forest's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60045 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Lake Forest 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 Forest Tax Rate
1.94%
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 Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60045 | 1.84% | 1.89% | 1.94% | 1.98% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Lake Forest, Illinois
In Lake Forest, 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 local assessment authorities 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 Forest, 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 Lake Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lake Forest are both $15,103, found in the zip code 60045.
Average Lake Forest Assessed Value
$758,576
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 Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60045 | $407,784 | $580,405 | $758,576 | $1,116,698 | $1,626,252 |
Source: Ownwell
Property Tax Bills Across Lake Forest, Illinois
In Lake Forest, 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 instance, with a median home price of $758,576, the assessed value plays a crucial role in determining the final tax bill. Factors such as the property's location, size, and condition are taken into account during the assessment process. Homeowners in Lake Forest can expect varying tax bills depending on their property's assessed value. The tax bill for the 25th percentile is approximately $11,073, while those in the 75th percentile face a tax bill around $22,033. For the top 10% of properties, the tax bill can reach up to $31,891. Given that the national median property tax rate is 0.99%, Lake Forest's property taxes are notably higher, impacting homeowners significantly. This higher tax rate can influence decisions related to property investment and homeownership in the area.
Average Lake Forest Tax Bill
$15,103
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 Forest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60045 | $7,666 | $11,073 | $15,103 | $22,033 | $31,891 |
Source: Ownwell