Beach Park, Illinois Property Taxes
The median property tax rate in Beach Park, IL is 3.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Beach Park at $195,731, the typical annual property tax bill reaches $5,855, exceeding the national median of $2,690. Property taxes in Beach Park 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 Beach Park'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 Beach Park 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
Beach Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$6,107
$5,967
Ownwell’s Beach Park Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Beach Park using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beach Park to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the amount assigned by Lake County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Beach Park, Illinois
Property taxes in Beach Park, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beach Park is 3.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Beach Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beach Park 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 Beach Park's effective property tax rate to other areas in Lake County and the national median. For comparison, the zip code 60099 has the highest median property tax rate of 3.23%, while the zip code 60087 has the lowest median tax rate of 2.67%. Understanding how these areas compare with Beach Park 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 Beach Park Tax Rate
3.12%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beach Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60083 | 2.54% | 3.05% | 3.15% | 3.32% | 3.59% |
| 60087 | 2.12% | 2.37% | 2.67% | 3.23% | 3.42% |
| 60099 | 2.61% | 3.01% | 3.23% | 3.35% | 3.60% |
Source: Ownwell
Property Tax Assessment Values Across Beach Park, Illinois
In Beach Park, Illinois, understanding the difference between "market value" and "assessed value" is essential 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. In Beach Park, 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 example, the highest median tax bill in Beach Park is $6,596 in the 60083 zip code, while the lowest median tax bill is $5,184 in the 60087 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 Beach Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beach Park Assessed Value
$195,731
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 Beach Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60083 | $149,904 | $152,133 | $216,883 | $271,899 | $307,823 |
| 60087 | $119,008 | $152,712 | $190,558 | $232,482 | $276,239 |
| 60099 | $131,670 | $165,862 | $198,462 | $232,587 | $269,344 |
Source: Ownwell
Property Tax Bills Across Beach Park, Illinois
In Beach Park, property tax bills are calculated based on the assessed value of a home, which is determined by the Lake County Assessor's Office. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, local tax rates, which are set by various taxing authorities such as school districts and municipalities, are applied to calculate the final tax bill. Several factors influence the tax bill, including the home's market value, local tax rates, and any applicable exemptions. For instance, the median home price in Beach Park is $195,731, and the property tax rate in the area is higher than the national median of 0.99%. Homeowners in Beach Park experience a range of tax bills, with the 25th percentile at $4,473 and the 75th percentile at $7,493. The highest median tax bill in the area reaches up to $6,596 in zip code 60083, while the lowest is $5,184 in zip code 60087. High property taxes can significantly impact homeowners, influencing decisions on buying, selling, and maintaining properties.
Average Beach Park Tax Bill
$5,855
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Beach Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60083 | $3,967 | $4,784 | $6,596 | $8,537 | $9,595 |
| 60087 | $2,704 | $3,752 | $5,184 | $6,621 | $8,284 |
| 60099 | $3,489 | $4,951 | $6,210 | $7,528 | $8,883 |
Source: Ownwell