Waukegan, Illinois Property Taxes
The median property tax rate in Waukegan, IL is 2.89%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Waukegan at $148,754, the typical annual property tax bill reaches $4,212, exceeding the national median of $2,690. Property taxes in Waukegan 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 Waukegan'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 Waukegan 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
Waukegan, 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 Waukegan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waukegan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waukegan 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 Waukegan, Illinois
Property taxes in Waukegan, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waukegan is 2.89%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Waukegan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waukegan 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 Waukegan's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60048 zip code has the highest median property tax rate of 3.42%, while the 60085 zip code has the lowest median tax rate of 2.89%. Understanding how these cities compare with Waukegan 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 Waukegan Tax Rate
2.89%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waukegan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | 3.42% | 3.42% | 3.42% | 3.42% | 3.42% |
| 60085 | 2.27% | 2.66% | 2.89% | 3.26% | 3.26% |
| 60087 | 2.30% | 2.75% | 2.90% | 3.22% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Waukegan, Illinois
In Waukegan, 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 Waukegan, 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. The median home price in Waukegan is $148,754, with the 25th percentile tax bill at $3,209 and the 75th percentile at $5,471. The highest median tax bill is $4,500 in zip code 60087, while the lowest median tax bill is $1,395 in zip code 60048. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waukegan Assessed Value
$148,754
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 Waukegan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | $40,742 | $40,742 | $40,742 | $40,742 | $40,742 |
| 60085 | $92,052 | $114,412 | $144,198 | $180,160 | $227,866 |
| 60087 | $116,191 | $131,613 | $161,515 | $198,084 | $243,612 |
Source: Ownwell
Property Tax Bills Across Waukegan, Illinois
In Waukegan, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the property's market value. Various factors such as the property's location, size, and condition are considered in this assessment. Homeowners in Waukegan, located in Lake County, face property tax bills that can vary significantly. For instance, the median home price in Waukegan is $148,754, and the tax bill can range from the 25th percentile at $3,209 to the 75th percentile at $5,471, with the 90th percentile reaching up to $7,083. The highest median tax bill in the area is $4,500 in the 60087 zip code, while the lowest is $1,395 in the 60048 zip code. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their decisions about property investments and homeownership in the region.
Average Waukegan Tax Bill
$4,212
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waukegan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60048 | $1,395 | $1,395 | $1,395 | $1,395 | $1,395 |
| 60085 | $2,170 | $3,052 | $4,057 | $5,348 | $6,874 |
| 60087 | $2,328 | $3,641 | $4,500 | $5,763 | $7,446 |
Source: Ownwell