Mettawa, Illinois Property Taxes
The median property tax rate in Mettawa, IL is 2.14%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mettawa at $609,034, the typical annual property tax bill reaches $12,601, significantly exceeding the national median of $2,690. Property taxes in Mettawa 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 Mettawa'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 Mettawa 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
Mettawa, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$13,033
$12,736
Ownwell’s Mettawa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mettawa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mettawa 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 Mettawa, Illinois
Property taxes in Mettawa, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mettawa is 2.14%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mettawa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mettawa 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 Mettawa's effective property tax rate to other areas in Lake County and the national median. For comparison, the 60048 zip code has the highest median property tax rate of 2.28%, while the 60045 zip code has the lowest median tax rate of 2.14%. Understanding how these areas compare with Mettawa 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 Mettawa Tax Rate
2.14%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mettawa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60045 | 2.03% | 2.08% | 2.14% | 2.78% | 3.01% |
| 60048 | 2.09% | 2.09% | 2.28% | 2.50% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Mettawa, Illinois
In Mettawa, 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 Mettawa, 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 Mettawa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $32,457 in the 60048 zip code, while the lowest median tax bill is $12,406 in the 60045 zip code.
Average Mettawa Assessed Value
$609,034
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 Mettawa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60045 | $486,133 | $528,730 | $572,067 | $972,391 | $1,218,148 |
| 60048 | $1,208,276 | $1,231,864 | $1,476,942 | $2,049,700 | $2,663,116 |
Source: Ownwell
Property Tax Bills Across Mettawa, Illinois
Property tax bills in Mettawa, located in Lake County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For instance, with a median home price of $609,034, the assessed value would be a fraction of this amount, subject to the local assessment ratio. The local tax rate is then applied to this assessed value to determine the tax bill. In Mettawa, property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $11,366, while at the 75th percentile, it climbs to $26,543, and at the 90th percentile, it reaches $36,271. This variability is influenced by factors such as property size, location, and any applicable exemptions. Homeowners in Mettawa face property tax bills that are considerably higher than the national median property tax rate of 0.99%, reflecting the area's high property values and tax rates. This can impact affordability and the overall cost of homeownership.
Average Mettawa Tax Bill
$12,601
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mettawa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60045 | $10,428 | $11,365 | $12,406 | $25,074 | $36,140 |
| 60048 | $27,049 | $28,480 | $32,457 | $46,986 | $67,412 |
Source: Ownwell