Crystal Lake, Illinois Property Taxes
The median property tax rate in Crystal Lake, IL is 1.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Crystal Lake, the typical annual property tax bill reaches $1,281, exceeding the national median of $2,690. Property taxes in Crystal Lake 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 Crystal Lake'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 Crystal Lake 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
Crystal Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$1,279
$1,187
Ownwell's Crystal Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Crystal Lake with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Crystal Lake to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property's assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Crystal Lake, Illinois
Property taxes in Crystal Lake, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crystal Lake is 1.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Crystal Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crystal Lake 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 Crystal Lake's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60014 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Crystal Lake provides valuable insights into the varying tax landscape across DuPage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crystal Lake Tax Rate
1.93%
Average Dupage County Tax Rate
2.22%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crystal Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Crystal Lake, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Crystal Lake, Illinois. The market value represents 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 local appraisal district 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 Crystal Lake, 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 Crystal Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60014 has both the highest and lowest median tax bills at $1,281, reflecting the uniformity in assessed values across the area.
Property Tax Assessment Values Across Crystal Lake, Illinois
Source: Ownwell
$2,760
$1,600,770
$3,198,780
Average Crystal Lake Assessed Value
$66,270
Average Dupage County Assessed Value
$319,350
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crystal Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $66,270 | $66,270 | $66,270 | $66,270 | $66,270 |
Source: Ownwell
Property Tax Bills Across Crystal Lake, Illinois
In Crystal Lake, 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 market value of the property. For homeowners in Crystal Lake, located in DuPage County, the median home price is $66,270. Property tax rates in this area are influenced by various factors, including local government budgets, school district funding needs, and public services. The tax bill for a property is then calculated by applying the local tax rate to the assessed value. In Crystal Lake, the median property tax bill stands at $1,281, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can be attributed to the specific funding requirements of the county and city. Homeowners in Crystal Lake should be aware of these factors, as they directly impact their annual tax obligations and the affordability of owning a property in this region.
Average Crystal Lake Tax Bill
$1,281
Average Dupage County Tax Bill
$7,313
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Crystal Lake, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60014 | $1,281 | $1,281 | $1,281 | $1,281 | $1,281 |
Source: Ownwell