Lanark, Carroll County, Illinois Property Taxes

Name: Property Tax Bills Across Lanark, Carroll County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lanark, IL effective property tax rate: 1.96%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lanark, IL home value: $188,704
Median annual Lanark, IL tax bill: $3,873, $1,473 higher than the national median property tax bill of $2,400.

How are property taxes in Carroll calculated?

Property taxes in Lanark, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lanark’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lanark, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lanark, Carroll County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.96%

Estimate Property Tax Bill

$3,699

$3,432

Ownwell’s Lanark Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lanark with just two data points. By entering your property's estimated assessed value, our calculator applies Lanark’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Carroll County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lanark, Carroll County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Lanark, located in Carroll County, IL, the effective property tax rate stands out when compared to other cities in Illinois. With a median property tax rate of 1.96%, Lanark surpasses the national median property tax rate of 1.02%. This places Lanark among the higher tax rate areas within the state, reflecting the local government's budgetary needs and the value of taxable properties.

The median property tax rate in Lanark is consistent with the highest and lowest rates in the area, both recorded at 1.96% in the 61046 ZIP code. This uniformity in tax rates suggests a stable property tax environment within the city. Understanding these rates can help property owners in Lanark anticipate their annual tax obligations and plan accordingly.

Property Tax Rates Across Lanark, Carroll County, Illinois

Source: Ownwell

1.96%

2.36%

2.76%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lanark Tax Rate

1.96%

Median Effective Carroll County Tax Rate

2.34%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lanark, Carroll County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61046	1.53%	1.82%	1.96%	2.10%	2.71%

Source: Ownwell

Property Tax Assessment Values Across Lanark, Carroll County, Illinois

When examining property taxes in Lanark, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Carroll County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Carroll County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lanark.

For example, the median home price in Lanark is $188,704, with tax bills ranging significantly across the county. Zip code 61046 has the highest median home price at $188,704.

Property Tax Assessment Values Across Lanark, Carroll County, Illinois

Source: Ownwell

$54,285

$121,495

$188,704

Median Lanark Market Value

$188,704

Median Carroll County Market Value

$86,910

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lanark, Carroll County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61046	$54,950	$87,830	$188,704	$358,329	$611,698

Source: Ownwell

Property Tax Bills Across Lanark, Carroll County, Illinois

In Lanark, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which is determined by the county assessor. Various factors, such as property size, location, and improvements, influence this valuation. Homeowners in Lanark face a median property tax bill of $3,873, which is significantly higher than the national median of $2,400. This can be a substantial financial burden, especially when compared to the national median property tax rate of 1.02%. Homeowners in the area may find themselves paying more than expected, with tax bills reaching as high as $12,131 for some. Ownwell provides a solution by offering property tax appeal and exemption services. By analyzing individual property assessments and market data, Ownwell can identify discrepancies and file appeals on behalf of homeowners. This process can lead to significant savings, ensuring that residents of Lanark pay only their fair share in property taxes.

Property Tax Bills Across Lanark, Carroll County, Illinois

Source: Ownwell

$1,472

$2,673

$3,873

Median Lanark Tax Bill

$3,873

Median Carroll County Tax Bill

$2,178

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lanark, Carroll County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61046	$1,003	$1,818	$3,873	$7,312	$12,131

Source: Ownwell