Wauconda, Illinois Property Taxes
The median property tax rate in Wauconda, IL is 3.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wauconda at $232,484, the typical annual property tax bill reaches $7,406, exceeding the national median of $2,690. Property taxes in Wauconda 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 Wauconda'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 Wauconda or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wauconda, 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 Wauconda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wauconda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wauconda 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 Wauconda, Illinois
Property taxes in Wauconda, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wauconda is 3.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wauconda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wauconda 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 Wauconda's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60084 zip code has both the highest and lowest median property tax rate of 3.25%. Understanding how these areas compare with Wauconda 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 Wauconda Tax Rate
3.25%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wauconda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60084 | 2.61% | 2.96% | 3.25% | 3.45% | 3.64% |
Source: Ownwell
Property Tax Assessment Values Across Wauconda, Illinois
In Wauconda, 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 Wauconda, 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 Wauconda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wauconda is $232,484, with the highest median tax bill being $7,406 in zip code 60084 and the lowest median tax bill also being $7,406 in the same zip code.
Average Wauconda Assessed Value
$232,484
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 Wauconda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60084 | $131,488 | $173,926 | $232,484 | $324,727 | $379,329 |
Source: Ownwell
Property Tax Bills Across Wauconda, Illinois
In Wauconda, property tax bills are determined by assessing the value of a home and applying the local tax rate. The assessed value is typically a percentage of the market value of the property. For example, the median home price in Wauconda is $232,484. Property tax rates in Lake County, where Wauconda is located, can result in significant tax bills, with the 25th percentile tax bill at $5,312 and the 75th percentile reaching $10,522. At the 90th percentile, homeowners might see a tax bill as high as $12,503. These tax bills can greatly impact homeowners, affecting monthly mortgage payments and overall housing affordability. The highest and lowest median tax bills in Wauconda are both recorded at $7,406, which is significantly higher than the national median property tax rate of 0.99%. Homeowners must budget accordingly, as property taxes in this region can be a substantial financial consideration.
Average Wauconda Tax Bill
$7,406
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wauconda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60084 | $3,667 | $5,312 | $7,406 | $10,522 | $12,503 |
Source: Ownwell