Round Lake, Illinois Property Taxes
The median property tax rate in Round Lake, IL is 3.23%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $200,634 in Round Lake, the typical annual property tax bill amounts to $6,589, far exceeding the national median of $2,690. Property taxes in Round Lake are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Round Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Round Lake or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Round Lake, 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 ROUND LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ROUND LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ROUND LAKE 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 Round Lake, Illinois
Property taxes in Round Lake, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Lake is 3.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Round Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Round Lake 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 Round Lake's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60073 zip code has the highest median property tax rate of 3.23%, while the 60073 zip code also has the lowest median tax rate of 3.23%. Understanding how these cities compare with Round Lake 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 Round Lake Tax Rate
3.23%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Round Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | 2.60% | 3.01% | 3.23% | 3.73% | 4.00% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Round Lake, 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 Round Lake, 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, Round Lake's median home price is $200,634, with property tax bills ranging from $4,749 at the 25th percentile to $11,231 at the 90th percentile. The highest and lowest median tax bills in the area are both $6,589, found in the 60073 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Round Lake Assessed Value
$200,634
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 Round Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $108,482 | $156,435 | $200,634 | $264,603 | $306,054 |
Source: Ownwell
Property Tax Bills Across Round Lake, Illinois
In Round Lake, Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, the median home price in Round Lake is $200,634. Property tax bills can vary significantly, with the 25th percentile at $4,749 and the 75th percentile at $8,827. At the 90th percentile, homeowners might see tax bills as high as $11,231. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. These elements combined determine the financial responsibility of homeowners each year. The highest and lowest median tax bills in the area are both recorded at $6,589 in the 60073 zip code, reflecting the consistency of tax assessments within the region. High property taxes can significantly impact homeowners, affecting affordability and overall financial planning. Comparing this to the national median property tax rate of 0.99%, Round Lake's rates are relatively high, underscoring the importance of understanding local property tax dynamics.
Average Round Lake Tax Bill
$6,589
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Round Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $2,790 | $4,749 | $6,589 | $8,827 | $11,231 |
Source: Ownwell