Round Lake Beach, Illinois Property Taxes
The median property tax rate in Round Lake Beach, IL is 3.08%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Round Lake Beach at $157,770, the typical annual property tax bill reaches $4,790, exceeding the national median of $2,690. Property taxes in Round Lake Beach 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 Round Lake Beach'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 Round Lake Beach 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
Round Lake Beach, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.08%
Estimate Property Tax Bill
$4,859
$4,748
Ownwell’s Round Lake Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Round Lake Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Round Lake Beach 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 Beach, Illinois
Property taxes in Round Lake Beach, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Lake Beach is 3.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Round Lake Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Round Lake Beach 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 Beach'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 3.08%, while the 60073 zip code also has the lowest median tax rate of 3.08%. Understanding how these cities compare with Round Lake Beach 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 Beach Tax Rate
3.08%
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 Beach, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | 2.57% | 2.87% | 3.08% | 3.31% | 3.66% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake Beach, Illinois
In Round Lake Beach, 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 Appraisal District 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 Beach, 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 Round Lake Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,790, found in the 60073 zip code.
Property Tax Assessment Values Across Round Lake Beach, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Round Lake Beach Assessed Value
$157,770
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 Beach, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $103,663 | $128,888 | $157,770 | $200,081 | $227,252 |
Source: Ownwell
Property Tax Bills Across Round Lake Beach, Illinois
In Round Lake Beach, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. Homeowners in Round Lake Beach experience a range of property tax bills, with the 25th percentile at $3,688 and the 75th percentile at $6,390. The highest median tax bill in the area is $4,790, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These elements combined determine the final amount homeowners owe annually. The property tax burden can impact homeowners' finances significantly, making it crucial for them to understand how their tax bill is calculated and explore any available exemptions to potentially reduce their tax liability.
Average Round Lake Beach Tax Bill
$4,790
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 Beach, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $2,813 | $3,688 | $4,790 | $6,390 | $7,829 |
Source: Ownwell