Old Mill Creek, Illinois Property Taxes
The median property tax rate in Old Mill Creek, IL is 3.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Old Mill Creek at $492,038, the typical annual property tax bill reaches $17,104, significantly exceeding the national median of $2,690. Property taxes in Old Mill 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 Old Mill 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 Old Mill 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
Old Mill Creek, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.31%
Estimate Property Tax Bill
$16,286
$15,914
Ownwell’s Old Mill Creek Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Old Mill Creek. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Old Mill Creek to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities. For those interested in more granular data, scrolling down reveals neighborhood-level trends. Your property's assessed value, determined by the county, is crucial for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Old Mill Creek, Illinois
Property taxes in Old Mill Creek, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Mill Creek is 3.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Old Mill Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Mill 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 Old Mill Creek's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60083 has the highest median property tax rate of 3.31%, while the same zip code also has the lowest median tax rate of 3.31%. Understanding how these areas compare with Old Mill 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 Old Mill Creek Tax Rate
3.31%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Mill Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60083 | 2.90% | 3.15% | 3.31% | 3.82% | 3.98% |
Source: Ownwell
Property Tax Assessment Values Across Old Mill Creek, Illinois
In Old Mill 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'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 Old Mill 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 Old Mill Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $17,104 in the 60083 zip code.
Property Tax Assessment Values Across Old Mill Creek, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Old Mill Creek Assessed Value
$492,038
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 Old Mill Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60083 | $158,410 | $279,724 | $492,038 | $611,586 | $697,884 |
Source: Ownwell
Property Tax Bills Across Old Mill Creek, Illinois
In Old Mill Creek, located in 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 a percentage of the home's market value. Homeowners in Old Mill Creek experience a median property tax rate higher than the national median of 0.99%. For instance, a home with a median price of $492,038 would see tax bills ranging from $9,324 at the 25th percentile to $22,763 at the 90th percentile. The highest and lowest median tax bills recorded in the area are both $17,104, indicating a consistent tax assessment across different properties. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners need to be aware of these factors as they significantly impact the overall cost of homeownership in the area. Understanding how property taxes are calculated can help homeowners anticipate their annual financial obligations and plan accordingly.
Average Old Mill Creek Tax Bill
$17,104
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Mill Creek, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60083 | $4,732 | $9,324 | $17,104 | $20,157 | $22,763 |
Source: Ownwell