Cary, Lake County, Illinois Property Taxes

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

Median Cary, IL effective property tax rate: 2.56%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Cary, IL home value: $280,159
Median annual Cary, IL tax bill: $6,979, $4,579 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Cary, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.56%

Estimate Property Tax Bill

$7,172

$6,655

Ownwell’s Cary Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cary with just two data points. By entering your property's estimated assessed value, our calculator applies Cary’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 Lake County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Cary, Lake County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget to provide services and dividing 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 Cary, located in McHenry County, Illinois, the effective property tax rate is significantly higher than the national median of 1.02%. With a median tax rate of 2.56%, Cary's rate is among the highest in the state. This can result in a substantial difference in annual property tax bills when compared to the national median bill of $2400. Understanding how these rates are determined and comparing them to other regions can help property owners make informed decisions about property tax appeals and exemptions.

Property Tax Rates Across Cary, Lake County, Illinois

Source: Ownwell

1.94%

2.99%

4.03%

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 Cary Tax Rate

2.56%

Median Effective Lake County Tax Rate

2.94%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Cary, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60013	2.22%	2.44%	2.56%	2.65%	2.71%

Source: Ownwell

Property Tax Assessment Values Across Cary, Lake County, Illinois

When examining property taxes in Cary, IL, 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 Lake County Assessor 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 Lake 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 Cary. For example, the median home price in Cary is $280,159, with tax bills ranging significantly across the county. Zip code 60013 has the highest median home price at $280,159.

Property Tax Assessment Values Across Cary, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Cary Market Value

$280,159

Median Lake County Market Value

$260,862

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Cary, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60013	$120,621	$181,889	$280,159	$483,614	$650,561

Source: Ownwell

Property Tax Bills Across Cary, Lake County, Illinois

In Cary, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. In Cary, homeowners face a median property tax bill of $6,979, significantly higher than the national median of $2,400. This discrepancy is due to various factors, including local government budgets and school district funding needs. The tax bill can vary widely; for instance, the 25th percentile tax bill is $4,305, while the 90th percentile reaches $17,238, reflecting disparities in property values and tax rates. High property taxes can be a burden for homeowners, impacting their overall financial health. Ownwell offers a solution by providing property tax appeal services, helping homeowners potentially reduce their tax liabilities. By analyzing property assessments and identifying discrepancies, Ownwell can assist homeowners in securing fair assessments, ultimately saving them money on their property tax bills.

Property Tax Bills Across Cary, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Cary Tax Bill

$6,979

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Cary, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60013	$2,441	$4,305	$6,979	$12,471	$17,238

Source: Ownwell