Prairie View, Illinois Property Taxes
The median property tax rate in Prairie View, IL is 2.87%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Prairie View at $275,586, the typical annual property tax bill reaches $7,645, exceeding the national median of $2,690. Property taxes in Prairie View 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 Prairie View'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 Prairie View 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
Prairie View, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.87%
Estimate Property Tax Bill
$7,909
$7,729
Ownwell’s Prairie View Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie View with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie View 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 Prairie View, Illinois
Property taxes in Prairie View, IL, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie View is 2.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Prairie View set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie View 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 Prairie View's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60069 zip code has the highest median property tax rate of 2.87%, while the same zip code also has the lowest median tax rate of 2.87%. Understanding how these cities compare with Prairie View 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 Prairie View Tax Rate
2.87%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie View, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60069 | 2.64% | 2.76% | 2.87% | 2.94% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Prairie View, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prairie View, 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 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 Prairie View, 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 example, the highest median tax bill in Prairie View is $7,645 in the 60069 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prairie View, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Prairie View Assessed Value
$275,586
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 Prairie View, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60069 | $237,935 | $246,932 | $275,586 | $310,578 | $349,243 |
Source: Ownwell
Property Tax Bills Across Prairie View, Illinois
In Prairie View, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. Factors such as local government budgets, school funding needs, and public services influence the tax rate. Homeowners in Prairie View can expect a median property tax bill of around $7,645, aligning with the rate in Lake County. For a home valued at the median price of $275,586, the tax bill typically falls within the 25th percentile at $7,003 and can reach up to the 90th percentile at $10,176. This variability reflects differences in individual home values and specific tax rates applied. Compared to the national median property tax rate of 0.99%, Prairie View's property taxes are notably higher, impacting homeowners by requiring a larger portion of their budget for property taxes. This can influence decisions on home purchases and long-term financial planning.
Average Prairie View Tax Bill
$7,645
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie View, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60069 | $6,108 | $7,003 | $7,645 | $8,918 | $10,176 |
Source: Ownwell