Green Oaks, Illinois Property Taxes
The median property tax rate in Green Oaks, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Green Oaks, the typical annual property tax bill reaches $3,682, exceeding the national median of $2,690. Property taxes in Green Oaks are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Green Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Green Oaks 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
Green Oaks, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$4,131
$4,037
Ownwell’s Green Oaks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Oaks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Oaks 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 Green Oaks, Illinois
Property taxes in Green Oaks, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Oaks is 2.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Green Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Oaks 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 Green Oaks' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60048 zip code has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Green Oaks 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 Green Oaks Tax Rate
2.26%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Oaks, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | 1.91% | 2.04% | 2.26% | 2.43% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Green Oaks, Illinois
In Green Oaks, 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 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 Green Oaks, 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 Green Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $182,793, with tax bills ranging from $3,018 at the 25th percentile to $4,525 at the 90th percentile. The zip code 60048 holds both the highest and lowest median tax bills at $3,682.
Average Green Oaks Assessed Value
$182,793
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 Green Oaks, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | $119,871 | $143,467 | $182,793 | $192,590 | $198,469 |
Source: Ownwell
Property Tax Bills Across Green Oaks, Illinois
In Green Oaks, Lake County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. Homeowners in Green Oaks can expect to pay a considerable amount in property taxes, with the median home price being $182,793. The tax bill varies significantly, with the 25th percentile at $3,018 and the 75th percentile at $4,209. At the 90th percentile, homeowners might see tax bills as high as $4,525. This variation is influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Green Oaks homeowners face higher rates, reflecting the area's higher property values and local tax levies. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting community quality and homeowner expenses.
Average Green Oaks Tax Bill
$3,682
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Oaks, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | $2,620 | $3,018 | $3,682 | $4,209 | $4,525 |
Source: Ownwell