Lyons, Illinois Property Taxes
The median property tax rate in Lyons, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lyons at $151,300, the typical annual property tax bill reaches $3,949, exceeding the national median of $2,690. Property taxes in Lyons 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 Lyons' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lyons 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
Lyons, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$4,100
$4,007
$1,148
Average Lyons, Illinois Tax Savings
Ownwell’s Lyons Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyons with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyons 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 Lyons. 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 Lyons, Illinois
Property taxes in Lyons, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyons is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lyons set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyons 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 Lyons' effective property tax rate to other areas in Illinois and the national median. For comparison, the 60534 zip code has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these areas compare with Lyons 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 Lyons Tax Rate
2.71%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyons, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60534 | 1.43% | 2.47% | 2.71% | 3.44% | 3.44% |
Source: Ownwell
$1,148
Average Lyons Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lyons, Illinois
In Lyons, 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 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 Lyons, 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. For example, the median home price in Lyons is $151,300, with tax bills ranging from $2,372 at the 25th percentile to $5,913 at the 90th percentile. The highest and lowest median tax bills both occur in zip code 60534, with a value of $3,949. 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 Lyons helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lyons Assessed Value
$151,300
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 Lyons, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60534 | $48,470 | $124,025 | $151,300 | $167,715 | $202,122 |
Source: Ownwell
$1,148
Average Lyons Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lyons, Illinois
Property tax bills in Lyons, IL, are calculated based on the assessed value of a property, which is determined by the Cook County Assessor's Office. The assessed value is a percentage of the property's market value. Tax rates are then applied to this assessed value to determine the final tax bill. Factors influencing the tax bill include the property's location, market conditions, and any applicable exemptions. For instance, the median home price in Lyons is $151,300, with tax bills ranging from $2,372 at the 25th percentile to $5,913 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, making Lyons' rates relatively high. Ownwell can help homeowners in Lyons reduce their property tax bills by offering expert property tax appeal and exemption services. By thoroughly reviewing your property's assessed value and identifying potential discrepancies or missed exemptions, Ownwell ensures you are not overpaying on your property taxes. This can lead to significant savings and provide peace of mind.
Average Lyons Tax Bill
$3,949
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyons, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60534 | $940 | $2,372 | $3,949 | $4,836 | $5,913 |
Source: Ownwell
$1,148
Average Lyons 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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