Winthrop Harbor, Illinois Property Taxes
The median property tax rate in Winthrop Harbor, IL is 3.27%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $198,606 in Winthrop Harbor, the typical annual property tax bill amounts to $6,144, far exceeding the national median of $2,690. Property taxes in Winthrop Harbor are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Winthrop Harbor'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 Winthrop Harbor 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
Winthrop Harbor, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.27%
Estimate Property Tax Bill
$6,494
$6,346
Ownwell’s Winthrop Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winthrop Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winthrop Harbor 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 Winthrop Harbor, Illinois
Property taxes in Winthrop Harbor, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winthrop Harbor is 3.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winthrop Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winthrop Harbor 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 Winthrop Harbor's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60096 zip code has both the highest and lowest median property tax rate of 3.27%. Understanding how these cities compare with Winthrop Harbor 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 Winthrop Harbor Tax Rate
3.27%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winthrop Harbor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60096 | 2.60% | 3.07% | 3.27% | 3.41% | 3.65% |
Source: Ownwell
Property Tax Assessment Values Across Winthrop Harbor, Illinois
In Winthrop Harbor, 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's Office 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 Winthrop Harbor, 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 Winthrop Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $198,606, with tax bills ranging from $4,493 at the 25th percentile to $9,540 at the 90th percentile. The highest and lowest median tax bills in the area are both $6,144, found in the 60096 zip code.
Property Tax Assessment Values Across Winthrop Harbor, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Winthrop Harbor Assessed Value
$198,606
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 Winthrop Harbor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60096 | $119,422 | $150,355 | $198,606 | $248,874 | $285,144 |
Source: Ownwell
Property Tax Bills Across Winthrop Harbor, Illinois
In Winthrop Harbor, Lake County, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by recent sales, property condition, and local market trends. Homeowners in Winthrop Harbor experience a range of property tax bills. For instance, the 25th percentile tax bill is approximately $4,493, while those in the 75th percentile pay around $8,011. The 90th percentile tax bill can go up to $9,540, reflecting the higher end of the property market. Compared to the national median property tax rate of 0.99%, Winthrop Harbor's property taxes can be significantly higher, impacting homeowners' annual expenses. The highest and lowest median tax bill in the area is $6,144, indicating a consistent tax rate across different properties. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Winthrop Harbor Tax Bill
$6,144
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Winthrop Harbor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60096 | $3,310 | $4,493 | $6,144 | $8,011 | $9,540 |
Source: Ownwell