North Chicago, Illinois Property Taxes
The median property tax rate in North Chicago, IL is 3.97%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in North Chicago, the typical annual property tax bill reaches $4,137, surpassing the national median of $2,690. Property taxes in North Chicago 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 North Chicago'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 North Chicago 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
North Chicago, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s North Chicago Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in North Chicago using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Chicago to provide an accurate property tax estimate. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. 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 Lake County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across North Chicago, Illinois
Property taxes in North Chicago, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Chicago is 3.97%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within North Chicago set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Chicago 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 North Chicago's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60044 zip code has the highest median property tax rate of 4.65%, while the 60064 zip code shares the same median tax rate of 3.97% as North Chicago. Understanding how these cities compare with North Chicago 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 North Chicago Tax Rate
3.97%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Chicago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60044 | 4.65% | 4.65% | 4.65% | 4.65% | 4.65% |
| 60064 | 2.76% | 3.55% | 3.97% | 4.56% | 4.71% |
Source: Ownwell
Property Tax Assessment Values Across North Chicago, Illinois
In North Chicago, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 North Chicago, 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. For instance, the highest median tax bill in the area is $4,949 in the 60044 zip code, while the lowest median tax bill is $4,137 in the 60064 zip code. 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 North Chicago helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Chicago, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average North Chicago Assessed Value
$107,356
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 North Chicago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60044 | $106,411 | $106,411 | $106,411 | $106,411 | $106,411 |
| 60064 | $69,949 | $86,470 | $107,374 | $130,982 | $159,961 |
Source: Ownwell
Property Tax Bills Across North Chicago, Illinois
In North Chicago, situated 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. The median home price in North Chicago is $107,356. Local tax authorities then apply the tax rate to this assessed value to determine the tax bill. For homeowners in North Chicago, the property tax rates can result in significant annual payments. The 25th percentile tax bill stands at $3,014, while the 75th percentile reaches $5,307, and the 90th percentile climbs to $6,589. These figures highlight the variability in tax bills across the city. The highest median tax bill in the area is $4,949 in the 60044 ZIP code, whereas the lowest median tax bill is $4,137 in the 60064 ZIP code. Compared to the national median property tax rate of 0.99%, homeowners in North Chicago may find their tax burdens to be relatively high, significantly impacting their annual expenses.
Average North Chicago Tax Bill
$4,137
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across North Chicago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60044 | $4,949 | $4,949 | $4,949 | $4,949 | $4,949 |
| 60064 | $1,807 | $3,014 | $4,137 | $5,307 | $6,590 |
Source: Ownwell