Lake Barrington, Illinois Property Taxes
The median property tax rate in Lake Barrington, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lake Barrington, the typical annual property tax bill reaches $13,925, exceeding the national median of $2,690. Property taxes in Lake Barrington 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 Lake Barrington'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 Lake Barrington 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
Lake Barrington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$13,920
$12,917
$1,148
Average Tax Savings
Ownwell’s Lake Barrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Barrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Barrington to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Lake Barrington. 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 Lake Barrington, Illinois
Property taxes in Lake Barrington, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Barrington is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Barrington set these rates annually, and they can vary across different neighborhoods. Each year, Lake Barrington 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 Lake Barrington's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60010 zip code has both the highest and lowest median property tax rate of 2.32%. Understanding how these cities compare with Lake Barrington provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Barrington Tax Rate
2.32%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.32% | 2.32% | 2.32% | 2.32% | 2.32% |
Source: Ownwell
$1,148
Average Lake Barrington Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Barrington, Illinois
In Lake Barrington, 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 Cook 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 Lake Barrington, 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 Lake Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60010 has both the highest and lowest median tax bills, each amounting to $13,925 annually.
Property Tax Assessment Values Across Lake Barrington, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Lake Barrington Assessed Value
$600,000
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $600,000 | $600,000 | $600,000 | $600,000 | $600,000 |
Source: Ownwell
$1,148
Average Lake Barrington Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Barrington, Illinois
In Lake Barrington, Cook County, IL, 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 is a percentage of the home's market value. For example, with a median home price of $600,000, the property tax bill can reach around $13,925, which is significantly higher than the national median property tax rate of 0.99%. Factors such as local tax rates, school funding needs, and municipal services also influence the final tax bill. High property tax bills can be a heavy burden for homeowners. However, Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing your property's assessed value and comparing it with similar properties, Ownwell can identify discrepancies and file appeals on your behalf. This process can lead to significant savings, ensuring you only pay your fair share in property taxes. With expert guidance and a proven track record, Ownwell makes property tax management more manageable for homeowners in Lake Barrington.
Average Lake Barrington Tax Bill
$13,925
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $13,925 | $13,925 | $13,925 | $13,925 | $13,925 |
Source: Ownwell
$1,148
Average Lake Barrington Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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