Libertyville, Illinois Property Taxes
The median property tax rate in Libertyville, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Libertyville at $446,381, the typical annual property tax bill reaches $11,429, significantly exceeding the national median of $2,690. Property taxes in Libertyville 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 Libertyville'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 Libertyville 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
Libertyville, 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 Libertyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Libertyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Libertyville 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 Libertyville, Illinois
Property taxes in Libertyville, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Libertyville is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Libertyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Libertyville 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 Libertyville's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60048 zip code has the highest median property tax rate of 2.54%, while the same zip code also has the lowest median tax rate of 2.54%. Understanding how these cities compare with Libertyville 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 Libertyville Tax Rate
2.54%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Libertyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | 2.33% | 2.45% | 2.54% | 2.63% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Libertyville, Illinois
In Libertyville, 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 Libertyville, 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. With a median home price of $446,381, Libertyville's median tax bill stands at $11,429, significantly higher than the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Libertyville, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Libertyville Assessed Value
$446,381
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 Libertyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | $235,911 | $337,378 | $446,381 | $569,970 | $764,016 |
Source: Ownwell
Property Tax Bills Across Libertyville, Illinois
In Libertyville, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Libertyville is $446,381. Local tax assessors evaluate properties to determine their assessed value, considering factors such as property size, location, and improvements. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Libertyville experience a significant range in their property tax bills. For instance, the tax bill at the 25th percentile is $8,305, while at the 75th percentile, it rises to $14,966. The 90th percentile tax bill reaches $19,922. The highest and lowest median tax bills in Libertyville are both $11,429, reflecting the uniformity within specific zip codes. Compared to the national median property tax rate of 0.99%, Libertyville's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Libertyville Tax Bill
$11,429
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Libertyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | $5,569 | $8,305 | $11,429 | $14,966 | $19,922 |
Source: Ownwell