Park City, Illinois Property Taxes
The median property tax rate in Park City, IL is 3.28%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $160,180 in Park City, the typical annual property tax bill reaches $5,207, far exceeding the national median of $2,690. Property taxes in Park City are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Park City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Park City or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Park City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.28%
Estimate Property Tax Bill
$5,254
$5,134
Ownwell’s Park City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Park City with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Park City to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more granular insights, you can explore neighborhood-specific trends further down the page. Your property’s assessed value is determined by Lake County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Park City, Illinois
Property taxes in Park City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park City is 3.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Park City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park City 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 Park City's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60085 zip code has the highest median property tax rate of 3.28%, while the same zip code also has the lowest median tax rate of 3.28%. Understanding how these areas compare with Park City 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 Park City Tax Rate
3.28%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60085 | 2.82% | 3.07% | 3.28% | 3.36% | 3.50% |
Source: Ownwell
Property Tax Assessment Values Across Park City, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Park City, Illinois. The market value represents the price a willing buyer would pay a willing seller in an open, competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local county appraisal district 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 Park City, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Park City, the highest and lowest median tax bills are both $5,207 in the 60085 zip code.
Average Park City Assessed Value
$160,180
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 Park City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60085 | $128,527 | $142,828 | $160,180 | $186,464 | $237,399 |
Source: Ownwell
Property Tax Bills Across Park City, Illinois
In Park City, property tax bills are calculated based on the assessed value of a home, which is determined by the Lake County Assessor's Office. The assessed value is a percentage of the market value of the property. Local tax rates are then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Park City experience a range of property tax bills, with the 25th percentile tax bill at $4,623 and the 75th percentile at $6,089. The 90th percentile tax bill can go as high as $7,952. Comparatively, the national median property tax rate is 0.99%, making Park City's tax rates higher than the national average, which can significantly impact homeowners' annual expenses. The highest and lowest median tax bills in the area are both $5,207, indicating a relatively consistent property tax rate across the city. This consistency helps homeowners anticipate their annual property tax obligations more accurately.
Average Park City Tax Bill
$5,207
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Park City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60085 | $3,850 | $4,623 | $5,207 | $6,089 | $7,952 |
Source: Ownwell