Hawthorn Woods, Illinois Property Taxes
The median property tax rate in Hawthorn Woods, IL is 2.59%, 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 Woods at $497,723, the typical annual property tax bill reaches $13,190, exceeding the national median of $2,690. Property taxes in Hawthorn Woods 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 Woods' 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 Woods 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 Woods, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.59%
Estimate Property Tax Bill
$12,891
$12,597
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 Woods, Illinois
Property taxes in Hawthorn Woods, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hawthorn Woods is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Hawthorn Woods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hawthorn Woods 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 Woods' effective property tax rate to other areas in Lake County and the national median. For comparison, the 60060 zip code has the highest median property tax rate of 2.64%, while the 60047 zip code has the lowest median tax rate of 2.59%. Understanding how these areas compare with Hawthorn Woods 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 Woods Tax Rate
2.59%
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 Woods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | 2.47% | 2.54% | 2.59% | 2.80% | 2.92% |
| 60060 | 2.52% | 2.56% | 2.64% | 2.71% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Hawthorn Woods, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hawthorn Woods, Illinois. 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 Hawthorn Woods, 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. For instance, the highest median tax bill in the area is $13,218 in the 60047 zip code, while the lowest is $9,722 in the 60060 zip code. Being aware of these valuation processes in Hawthorn Woods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hawthorn Woods, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Hawthorn Woods Assessed Value
$497,723
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 Woods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | $368,633 | $436,042 | $498,710 | $582,440 | $677,196 |
| 60060 | $309,658 | $347,742 | $374,806 | $408,596 | $433,989 |
Source: Ownwell
Property Tax Bills Across Hawthorn Woods, Illinois
In Hawthorn Woods, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $497,723, the property tax bill can vary significantly. The 25th percentile tax bill is around $11,244, while the 75th percentile reaches up to $15,734, and the 90th percentile can go as high as $18,832. Several factors influence these tax bills, including the home’s assessed value, the local tax rate, and any applicable exemptions or deductions. The tax rate in Lake County is higher than the national median property tax rate of 0.99%, contributing to the substantial tax bills. Homeowners in Hawthorn Woods must budget for these costs, as they can significantly impact annual expenses. The highest median tax bill in the area is $13,218, found in the 60047 zip code, while the lowest is $9,722 in the 60060 zip code.
Average Hawthorn Woods Tax Bill
$13,190
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 Woods, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60047 | $9,202 | $11,277 | $13,218 | $15,755 | $18,857 |
| 60060 | $8,234 | $8,855 | $9,722 | $10,836 | $12,098 |
Source: Ownwell