Grayslake, Lake County, Illinois Property Taxes

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

Median Grayslake, IL effective property tax rate: 3.50%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Grayslake, IL home value: $237,021
Median annual Grayslake, IL tax bill: $8,015, $5,615 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Grayslake, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.5%

Estimate Property Tax Bill

$8,296

$7,698

Ownwell’s Grayslake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Grayslake with just two data points. By entering your property's estimated assessed value, our calculator applies Grayslake’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 Grayslake, Lake County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting 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. Grayslake in Lake County, IL, stands out with a median property tax rate of 3.50%, which is significantly higher than the national median rate of 1.02%. This higher rate reflects the county's budgetary needs and the value of taxable property within the area. When comparing Grayslake's effective property tax rate to other cities in Illinois, it's clear that property owners in this region face a higher tax burden. Understanding these variations is crucial for property owners seeking to manage their tax liabilities effectively.

Property Tax Rates Across Grayslake, 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 Grayslake Tax Rate

3.50%

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 Grayslake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60030	2.79%	3.13%	3.50%	3.70%	3.81%

Source: Ownwell

Property Tax Assessment Values Across Grayslake, Lake County, Illinois

When examining property taxes in Grayslake, 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 appraisal district 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 April. 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 Grayslake. For example, the median home price in Grayslake is $237,021, with tax bills ranging significantly across the county. Zip code 60030 has the highest median home price at $237,021.

Property Tax Assessment Values Across Grayslake, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Grayslake Market Value

$237,021

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 Grayslake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60030	$149,216	$179,949	$237,021	$303,598	$355,202

Source: Ownwell

Property Tax Bills Across Grayslake, Lake County, Illinois

In Grayslake, located in Lake County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is influenced by factors such as the home's location, size, and condition. Homeowners in Grayslake face a median property tax bill of $8,015, significantly higher than the national median of $2,400, reflecting the higher tax rate in this area. The 25th percentile tax bill is $5,980, while the 75th percentile reaches $10,485, highlighting the variability based on home value and local levies. This substantial tax burden can impact homeowners' finances, making it crucial to ensure they are not overpaying. Ownwell assists homeowners by reviewing their property assessments and identifying potential savings through appeals and exemptions. By leveraging local expertise, Ownwell can help reduce tax liabilities, ensuring homeowners pay only their fair share. This can lead to significant savings and alleviate the financial strain of high property taxes.

Property Tax Bills Across Grayslake, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Grayslake Tax Bill

$8,015

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Grayslake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60030	$4,403	$5,980	$8,015	$10,485	$12,439

Source: Ownwell