Highland Park, Lake County, Illinois Property Taxes

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

Median Highland Park, IL effective property tax rate: 2.83%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Highland Park, IL home value: $483,009
Median annual Highland Park, IL tax bill: $13,494, $11,094 higher than the national median property tax bill of $2,400.

How are property taxes in Lake calculated?

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

Last Updated March 1, 2025

Highland Park, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.83%

Estimate Property Tax Bill

$13,669

$12,685

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

Local government entities set tax rates, which can vary widely within a state. Each year, counties estimate their required budgets to provide services and divide that by the total value of all taxable property in their jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the basic annual process. Highland Park in Lake County, Illinois, stands out with an effective property tax rate of 2.83%. This rate is significantly higher than both the Illinois median and the national median property tax rate of 1.02%. The median property tax bill in Highland Park also surpasses the national median of $2400. These figures highlight the importance of understanding local property tax rates, as they can greatly impact your financial planning. Comparing Highland Park's rates to other cities in Illinois and the broader U.S. landscape underscores the variability and potential financial implications for property owners.

Property Tax Rates Across Highland Park, 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 Highland Park Tax Rate

2.83%

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 Highland Park, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60035	2.60%	2.70%	2.83%	2.92%	3.00%

Source: Ownwell

Property Tax Assessment Values Across Highland Park, Lake County, Illinois

When examining property taxes in Highland Park, 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.

Assessment notices: 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 Highland Park. For example, the median home price in Highland Park is $483,009, with tax bills ranging significantly across the county. Zip code 60035 has the highest median home price at $483,009.

Property Tax Assessment Values Across Highland Park, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Highland Park Market Value

$483,009

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 Highland Park, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60035	$246,625	$343,555	$483,009	$703,462	$962,124

Source: Ownwell

Property Tax Bills Across Highland Park, Lake County, Illinois

In Highland Park, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Lake County uses this assessed value to determine the tax bill, applying the local tax rate. With a median home price of $483,009, homeowners in Highland Park face significant property tax bills, with the median tax bill reaching $13,494. This is substantially higher than the national median property tax bill of $2,400. Factors influencing the tax bill include the home’s assessed value and local tax rates. Homeowners in the 25th percentile pay around $9,462, while those in the 90th percentile face tax bills as high as $27,502. Such high property taxes can strain homeowners financially. Ownwell assists by offering property tax appeal services, helping homeowners potentially reduce their tax bills. By analyzing property assessments and local tax regulations, Ownwell can identify opportunities for savings, ensuring homeowners aren't overpaying on their property taxes.

Property Tax Bills Across Highland Park, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Highland Park Tax Bill

$13,494

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Highland Park, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60035	$6,314	$9,462	$13,494	$19,888	$27,502

Source: Ownwell