Lemont, Illinois Property Taxes
The median property tax rate in Lemont, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lemont, the typical annual property tax bill reaches $7,135, exceeding the national median of $2,690. Property taxes in Lemont 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 Lemont'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 Lemont 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
Lemont, 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 Lemont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lemont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lemont 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 Lemont, Illinois
Property taxes in Lemont, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lemont is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lemont set these rates annually, and they can vary across different neighborhoods. Each year, Lemont 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 Lemont's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60439 has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these figures compare with Lemont provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lemont Tax Rate
2.25%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lemont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60439 | 2.05% | 2.14% | 2.25% | 2.80% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Lemont, Illinois
In Lemont, 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 Will 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 Lemont, 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. The median home price in Lemont is $320,475, with tax bills ranging from $5,356 at the 25th percentile to $15,381 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 60439, with a value of $7,135. Being aware of these valuation processes in Lemont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lemont Assessed Value
$320,475
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lemont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60439 | $173,234 | $242,826 | $320,475 | $433,005 | $605,840 |
Source: Ownwell
Property Tax Bills Across Lemont, Illinois
In Lemont, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For homeowners in Lemont, the median home price is $320,475. The property tax rate in Lemont is influenced by local government budgets, school districts, and other public services. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $5,356, while the 75th percentile tax bill is $10,988. At the higher end, the 90th percentile tax bill reaches $15,381. Notably, the highest median tax bill in Lemont is $7,135, which is considerably higher than the national median property tax rate of 0.99%. These property taxes fund essential services such as education, public safety, and infrastructure. Consequently, homeowners in Lemont may experience a higher financial burden due to these rates, but they also benefit from well-funded public services.
Average Lemont Tax Bill
$7,135
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lemont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60439 | $3,620 | $5,356 | $7,135 | $10,988 | $15,381 |
Source: Ownwell