Tower Lakes, Illinois Property Taxes
The median property tax rate in Tower Lakes, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tower Lakes at $431,672, the typical annual property tax bill reaches $11,523, exceeding the national median of $2,690. Property taxes in Tower Lakes 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 Tower Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tower Lakes 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
Tower Lakes, 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 Tower Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tower Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tower Lakes 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 Tower Lakes, Illinois
Property taxes in Tower Lakes, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tower Lakes is 2.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tower Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tower Lakes 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 Tower Lakes' effective property tax rate to other areas in Illinois and the national median. For comparison, the 60010 zip code has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Tower Lakes 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 Tower Lakes Tax Rate
2.68%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tower Lakes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.55% | 2.59% | 2.68% | 2.70% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Tower Lakes, Illinois
In Tower Lakes, 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 Tower Lakes, 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. For instance, the median home price in Tower Lakes is $431,672, with tax bills ranging from $9,084 at the 25th percentile to $16,263 at the 90th percentile. The highest and lowest median tax bills are both $11,523, found in the 60010 zip code. 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 Tower Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tower Lakes Assessed Value
$431,672
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 Tower Lakes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $261,691 | $341,216 | $431,672 | $505,713 | $620,366 |
Source: Ownwell
Property Tax Bills Across Tower Lakes, Illinois
In Tower Lakes, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value determined by the local assessor. The tax rate is 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. For homeowners in Tower Lakes, the median home price stands at $431,672. The property tax rate in Lake County can result in substantial tax bills. For instance, homeowners in the 25th percentile pay around $9,084 annually, while those in the 75th percentile face bills of approximately $13,355. At the 90th percentile, the tax bill can reach up to $16,263. These property taxes significantly impact homeowners' finances, often making it a crucial factor in homeownership decisions. Compared to the national median property tax rate of 0.99%, Tower Lakes' property taxes are considerably higher, reflecting the area's higher property values and local tax rates.
Average Tower Lakes Tax Bill
$11,523
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tower Lakes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $6,840 | $9,084 | $11,523 | $13,355 | $16,263 |
Source: Ownwell