Indian Creek, Illinois Property Taxes
The median property tax rate in Indian Creek, IL is 2.73%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $395,948 in Indian Creek, the typical annual property tax bill reaches $10,541, far exceeding the national median of $2,690. Property taxes in Indian Creek 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 Indian Creek'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 Indian Creek 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
Indian Creek, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.73%
Estimate Property Tax Bill
$10,809
$10,562
Ownwell’s Indian Creek Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Indian Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indian Creek 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 Indian Creek, Illinois
Property taxes in Indian Creek, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Indian Creek is 2.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Indian Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indian Creek 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 Indian Creek's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60061 zip code has both the highest and lowest median property tax rate of 2.73%. Understanding how these cities compare with Indian Creek 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 Indian Creek Tax Rate
2.73%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indian Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60061 | 2.60% | 2.64% | 2.73% | 2.75% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Indian Creek, Illinois
In Indian Creek, 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 Indian Creek, 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 Indian Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area, both at $10,541, are found in the 60061 zip code.
Property Tax Assessment Values Across Indian Creek, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Indian Creek Assessed Value
$395,948
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 Indian Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60061 | $318,713 | $363,824 | $395,948 | $403,834 | $416,495 |
Source: Ownwell
Property Tax Bills Across Indian Creek, Illinois
In Indian Creek, Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at the tax bill. For homeowners in Indian Creek, the median home price stands at $395,948. Tax bills can vary significantly, with the 25th percentile at $9,735, the 75th percentile at $11,051, and the 90th percentile reaching up to $11,395. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Indian Creek experience higher property tax bills compared to the national median property tax rate of 0.99%. The high property tax bills can impact homeowners by influencing their overall housing affordability and financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Indian Creek Tax Bill
$10,541
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Indian Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60061 | $8,610 | $9,735 | $10,541 | $11,051 | $11,395 |
Source: Ownwell