Lanark, Illinois Property Taxes
The median property tax rate in Lanark, IL is 1.96%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lanark at $188,704, the typical annual property tax bill reaches $3,873, exceeding the national median of $2,690. Property taxes in Lanark 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 Lanark'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 Lanark or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lanark, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$3,699
$3,432
Ownwell’s Lanark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lanark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lanark 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 Lanark, Illinois
Property taxes in Lanark, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanark is 1.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lanark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanark 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 Lanark's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61046 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Lanark provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lanark Tax Rate
1.96%
Average Carroll County Tax Rate
2.34%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanark, 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, Illinois
In Lanark, 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 Carroll 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 Lanark, 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 Lanark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61046, with a value of $3,873.
Average Lanark Assessed Value
$188,704
Average Carroll County Assessed Value
$86,910
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lanark, 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, Illinois
Property tax bills in Lanark, located in Carroll County, IL, are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $188,704, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,818, while the 75th percentile reaches $7,312, and the 90th percentile goes up to $12,131. Several factors influence these calculations, including local tax rates, property assessments, and any applicable exemptions. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Lanark's property taxes can be notably higher, impacting homeowners' annual expenses. This variability underscores the importance of understanding local property tax regulations to better manage financial planning and homeownership costs.
Average Lanark Tax Bill
$3,873
Average Carroll County Tax Bill
$2,178
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanark, 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