Third Lake, Illinois Property Taxes
The median property tax rate in Third Lake, IL is 3.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Third Lake at $274,815, the typical annual property tax bill reaches $9,407, significantly exceeding the national median of $2,690. Property taxes in Third Lake 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 Third Lake'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 Third Lake 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
Third Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.43%
Estimate Property Tax Bill
$9,426
$9,211
Ownwell’s Third Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Third Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Third Lake 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 Third Lake, Illinois
Property taxes in Third Lake, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Third Lake is 3.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Third Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Third Lake 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 Third Lake's effective property tax rate to other areas in Lake County and the national median. For comparison, the zip code 60030 has the highest median property tax rate of 3.43%, while the lowest median tax rate is also 3.43% in the same zip code. Understanding how these figures compare with Third Lake 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 Third Lake Tax Rate
3.43%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Third Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | 3.13% | 3.28% | 3.43% | 3.50% | 3.57% |
Source: Ownwell
Property Tax Assessment Values Across Third Lake, Illinois
In Third Lake, 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 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. 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 Third Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60030 has the highest median tax bill at $9,407, while the lowest median tax bill is also in the same zip code.
Average Third Lake Assessed Value
$274,815
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 Third Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | $210,578 | $242,874 | $274,815 | $332,363 | $460,573 |
Source: Ownwell
Property Tax Bills Across Third Lake, Illinois
In Third Lake, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Third Lake experience property tax bills that vary significantly, with the 25th percentile tax bill at approximately $8,089 and the 75th percentile reaching around $11,267. For those in the 90th percentile, tax bills can soar to $16,024. These property tax rates are notably higher than the national median property tax rate of 0.99%, reflecting the unique economic and governmental factors in Lake County. High property taxes can significantly impact homeowners, influencing their overall housing costs and potentially affecting property values. Understanding these factors is crucial for homeowners to manage their finances effectively and plan for future expenses.
Average Third Lake Tax Bill
$9,407
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Third Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | $6,780 | $8,089 | $9,407 | $11,267 | $16,024 |
Source: Ownwell