Grayslake, Illinois Property Taxes
The median property tax rate in Grayslake, IL is 3.50%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Grayslake at $237,021, the typical annual property tax bill reaches $8,015, far exceeding the national median of $2,690. Property taxes in Grayslake 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 Grayslake'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 Grayslake 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
Grayslake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.5%
Estimate Property Tax Bill
$8,296
$8,106
Ownwell’s Grayslake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Grayslake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grayslake 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 Grayslake, Illinois
Property taxes in Grayslake, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grayslake is 3.50%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Grayslake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grayslake 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 Grayslake's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60030 zip code has the highest median property tax rate of 3.50%, while the same zip code also has the lowest median tax rate of 3.50%. Understanding how these cities compare with Grayslake 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 Grayslake Tax Rate
3.50%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grayslake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | 2.79% | 3.13% | 3.50% | 3.70% | 3.81% |
Source: Ownwell
Property Tax Assessment Values Across Grayslake, Illinois
In Grayslake, 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'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 Grayslake, 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 Grayslake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grayslake is $237,021, with the highest and lowest median tax bills both being $8,015 in the 60030 zip code.
Average Grayslake Assessed Value
$237,021
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 Grayslake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | $149,216 | $179,949 | $237,021 | $303,598 | $355,202 |
Source: Ownwell
Property Tax Bills Across Grayslake, Illinois
In Grayslake, Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the property's market value. For example, the median home price in Grayslake is $237,021. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value and, consequently, the tax bill. In Grayslake, the 25th percentile tax bill is $5,980, while the 75th percentile tax bill is $10,485, showing a significant range based on property specifics. The highest median tax bill in the area is $8,015, which is considerably higher than the national median property tax rate of 0.99%. These tax bills can impact homeowners by affecting their annual expenses and potentially influencing decisions on property investments and home improvements.
Average Grayslake Tax Bill
$8,015
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Grayslake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60030 | $4,403 | $5,980 | $8,015 | $10,485 | $12,439 |
Source: Ownwell