Gurnee, Illinois Property Taxes
The median property tax rate in Gurnee, IL is 3.04%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $267,861 in Gurnee, the typical annual property tax bill reaches $7,902, far exceeding the national median of $2,690. Property taxes in Gurnee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gurnee'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 Gurnee 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
Gurnee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$8,143
$7,957
Ownwell’s Gurnee Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gurnee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gurnee to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Gurnee, Illinois
Property taxes in Gurnee, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gurnee is 3.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Gurnee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gurnee 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 Gurnee's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60031 zip code has the highest median property tax rate of 3.04%, while it also has the lowest median tax rate of 3.04%. Understanding how these cities compare with Gurnee provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gurnee Tax Rate
3.04%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gurnee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60031 | 2.59% | 2.84% | 3.04% | 3.13% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Gurnee, Illinois
In Gurnee, 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 Lake 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 Gurnee, 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 Gurnee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60031 has the highest and lowest median tax bills, both at $7,902.
Average Gurnee Assessed Value
$267,861
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gurnee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60031 | $145,347 | $186,928 | $267,861 | $342,094 | $406,693 |
Source: Ownwell
Property Tax Bills Across Gurnee, Illinois
In Gurnee, located in Lake County, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which local assessors determine based on various factors such as the property's size, location, and condition. For example, with a median home price of $267,861, homeowners in Gurnee can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $5,348, while the 75th percentile reaches $10,366. For those at the 90th percentile, tax bills can soar to $12,431. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the substantial impact on homeowners. High property taxes can influence housing affordability and the overall cost of living in the area, making it essential for homeowners to understand how their tax bills are calculated and what factors contribute to these costs.
Average Gurnee Tax Bill
$7,902
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Gurnee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60031 | $3,791 | $5,348 | $7,902 | $10,366 | $12,431 |
Source: Ownwell