Hawthorn Wds, Illinois Property Taxes
The median property tax rate in Hawthorn Wds, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Hawthorn Wds at $619,908, the typical annual property tax bill reaches $15,899, exceeding the national median of $2,690. Property taxes in Hawthorn Wds 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 Hawthorn Wds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hawthorn Wds 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
Hawthorn Wds, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$15,870
$15,507
Ownwell’s Hawthorn Woods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hawthorn Woods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hawthorn Woods 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 Hawthorn Wds, Illinois
Property taxes in Hawthorn Wds, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hawthorn Wds is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hawthorn Wds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hawthorn Wds 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 Hawthorn Wds' effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60047 has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these areas compare with Hawthorn Wds 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 Hawthorn Wds Tax Rate
2.56%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hawthorn Wds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | 2.53% | 2.54% | 2.56% | 2.58% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Hawthorn Wds, Illinois
In Hawthorn Wds, 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 local 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 Hawthorn Wds, 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 Hawthorn Wds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $15,899 in zip code 60047, which is also the lowest, emphasizing the uniformity in tax burdens across the region.
Property Tax Assessment Values Across Hawthorn Wds, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Hawthorn Wds Assessed Value
$619,908
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 Hawthorn Wds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | $534,334 | $556,238 | $619,908 | $684,406 | $707,800 |
Source: Ownwell
Property Tax Bills Across Hawthorn Wds, Illinois
In Hawthorn Woods, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and typically represents a percentage of the property's market value. For instance, a median home price in Hawthorn Woods is $619,908. Local tax rates are then applied to this assessed value to determine the tax bill. Homeowners in Hawthorn Woods experience varying tax bills depending on the value of their property. The 25th percentile tax bill is approximately $14,105, while the 75th percentile reaches around $17,707, and the 90th percentile is about $18,152. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. Such high property tax bills can affect homeowners by increasing the overall cost of owning a home, potentially impacting affordability and financial planning. However, these taxes also contribute to funding essential local services such as schools, infrastructure, and emergency services, which can enhance community quality of life.
Average Hawthorn Wds Tax Bill
$15,899
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Hawthorn Wds, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | $13,686 | $14,105 | $15,899 | $17,707 | $18,152 |
Source: Ownwell