Lake In The Hills, Illinois Property Taxes
The median property tax rate in Lake in the Hills, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lake in the Hills at $253,479, the typical annual property tax bill reaches $6,773, exceeding the national median of $2,690. Property taxes in Lake in the Hills 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 Lake in the Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lake in the Hills 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
Lake In The Hills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$6,717
$6,564
Ownwell’s Lake in the Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake in the Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake in the Hills 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 Lake In The Hills, Illinois
Property taxes in Lake in the Hills, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake in the Hills is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake in the Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake in the Hills 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 Lake in the Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60156 zip code has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Lake in the Hills provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake In The Hills Tax Rate
2.65%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake In The Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60156 | 2.49% | 2.60% | 2.65% | 2.91% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Lake In The Hills, Illinois
In Lake in the Hills, 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 McHenry 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. In Lake in the Hills, 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 Lake in the Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,772, specifically in the 60156 zip code.
Property Tax Assessment Values Across Lake In The Hills, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Lake In The Hills Assessed Value
$253,479
Average Mchenry County Assessed Value
$241,654
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake In The Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60156 | $150,205 | $189,116 | $253,497 | $292,844 | $331,336 |
Source: Ownwell
Property Tax Bills Across Lake In The Hills, Illinois
In Lake in the Hills, located in McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the home's market value. Once the assessed value is established, the tax rate, which varies by location and is set by local taxing authorities, is applied to calculate the final tax bill. Several factors influence the property tax bill, including the home's market value, any applicable exemptions, and the specific tax rate for the area. For instance, the median home price in Lake in the Hills is $253,479. In this region, homeowners can expect a wide range of tax bills, from the 25th percentile at $5,110 to the 75th percentile at $7,880, with the 90th percentile reaching up to $9,309. This can significantly impact homeowners' finances, as local tax rates here are notably higher than the national median property tax rate of 0.99%.
Average Lake In The Hills Tax Bill
$6,773
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake In The Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60156 | $4,006 | $5,110 | $6,772 | $7,880 | $9,309 |
Source: Ownwell