Village Of Lakewood, Illinois Property Taxes
The median property tax rate in Village of Lakewood, IL is 2.82%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Village of Lakewood at $419,784, the typical annual property tax bill reaches $11,824, exceeding the national median of $2,690. Property taxes in Village of Lakewood 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 Village of Lakewood'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 Village of Lakewood 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
Village Of Lakewood, 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 Village of Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Village of Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Village of Lakewood 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 Village Of Lakewood, Illinois
Property taxes in the Village of Lakewood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in the Village of Lakewood is 2.82%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within the Village of Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, the Village of Lakewood 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 the Village of Lakewood's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60014 zip code has both the highest and lowest median property tax rate of 2.82%, illustrating the uniformity in tax rates within this region. Understanding how these areas compare with the Village of Lakewood 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 Village Of Lakewood Tax Rate
2.82%
Average Mchenry County Tax Rate
2.75%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Village Of Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | 2.61% | 2.73% | 2.82% | 2.86% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Village Of Lakewood, Illinois
In VILLAGE OF LAKEWOOD, 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 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 VILLAGE OF LAKEWOOD, 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 VILLAGE OF LAKEWOOD helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60014 has the highest and lowest median tax bill, both at $11,824.
Property Tax Assessment Values Across Village Of Lakewood, Illinois
Source: Ownwell
$50,583
$1,220,817
$2,391,051
Average Village Of Lakewood Assessed Value
$419,784
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 Village Of Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $230,319 | $303,442 | $419,784 | $501,648 | $588,640 |
Source: Ownwell
Property Tax Bills Across Village Of Lakewood, Illinois
In the Village of Lakewood within McHenry County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in this area face property tax rates that can significantly impact their annual expenses. The median home price here is $419,784, and property tax bills can vary widely. For instance, the 25th percentile tax bill is $8,101, while at the 75th percentile, it climbs to $14,205. At the 90th percentile, homeowners can expect to pay around $16,891 in property taxes. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the rates in McHenry County are notably higher, reflecting the local government's funding needs for public services such as schools, infrastructure, and emergency services. For homeowners, these higher tax rates mean a substantial portion of their annual budget goes towards property taxes, underscoring the importance of understanding and potentially appealing their assessed values.
Average Village Of Lakewood Tax Bill
$11,824
Average Mchenry County Tax Bill
$6,534
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Village Of Lakewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $6,098 | $8,101 | $11,824 | $14,205 | $16,891 |
Source: Ownwell