Vernon Hills, Illinois Property Taxes
The median property tax rate in Vernon Hills, IL is 2.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Vernon Hills at $324,800, the typical annual property tax bill reaches $9,474, exceeding the national median of $2,690. Property taxes in Vernon Hills 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 Vernon Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Vernon Hills 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
Vernon Hills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.95%
Estimate Property Tax Bill
$9,582
$9,363
Ownwell’s Vernon Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon Hills 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 Vernon Hills, Illinois
Property taxes in Vernon Hills, IL, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon Hills stands at 2.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Vernon Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon Hills 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 Vernon Hills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 60061 zip code has the highest median property tax rate of 2.95%, while the same zip code also has the lowest median tax rate of 2.95%. Understanding how these areas compare with Vernon Hills 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 Vernon Hills Tax Rate
2.95%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60061 | 2.68% | 2.83% | 2.95% | 3.09% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Vernon Hills, Illinois
In Vernon Hills, 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 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 Vernon Hills, 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 Vernon Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the 60061 zip code is $9,474, reflecting the local property values and tax rates.
Property Tax Assessment Values Across Vernon Hills, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Vernon Hills Assessed Value
$324,800
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 Vernon Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60061 | $129,355 | $175,899 | $324,800 | $420,363 | $579,730 |
Source: Ownwell
Property Tax Bills Across Vernon Hills, Illinois
In Vernon Hills, located in 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 median home price in Vernon Hills is $324,800, and the county’s property tax rate significantly impacts homeowners. The property tax rate in Lake County is notably higher than the national median of 0.99%, leading to substantial tax bills for residents. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in Vernon Hills experience tax bills that vary widely. For instance, the tax bill at the 25th percentile is $4,954, while at the 75th percentile, it rises to $12,762. At the 90th percentile, it can reach as high as $17,249. The highest median tax bill within the 60061 zip code is $9,474, reflecting the significant financial commitment required from homeowners in this area. This substantial property tax burden underscores the importance of accurate property assessments and potential appeals to ensure fair taxation.
Average Vernon Hills Tax Bill
$9,474
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon Hills, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60061 | $3,771 | $4,954 | $9,474 | $12,762 | $17,249 |
Source: Ownwell