Highwood, Lake County, Illinois Property Taxes

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

Median Highwood, IL effective property tax rate: 2.69%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Highwood, IL home value: $295,246
Median annual Highwood, IL tax bill: $7,962, $5,562 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Highwood, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.69%

Estimate Property Tax Bill

$7,942

$7,370

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

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides 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. Below, you can compare Highwood’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Highwood, located in Lake County, stands out with its effective property tax rate of 2.69%, significantly higher than the national median of 1.02%. This rate is reflective of the local government's budgetary needs and the value of taxable property within the area. Residents in Highwood face a higher property tax burden compared to many other regions in the country. This highlights the importance of understanding local tax dynamics and exploring potential avenues for tax appeals or exemptions to alleviate financial strain.

Property Tax Rates Across Highwood, 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 Highwood Tax Rate

2.69%

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 Highwood, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60040	2.43%	2.60%	2.69%	2.90%	2.90%

Source: Ownwell

Property Tax Assessment Values Across Highwood, Lake County, Illinois

When examining property taxes in Highwood, 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 Highwood.

For example, the median home price in Highwood is $295,246, with tax bills ranging significantly across the county. Zip code 60040 has the highest median home price at $295,246.

Property Tax Assessment Values Across Highwood, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Highwood Market Value

$295,246

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 Highwood, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60040	$177,532	$235,660	$295,246	$426,584	$610,664

Source: Ownwell

Property Tax Bills Across Highwood, Lake County, Illinois

In Highwood, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $295,246, homeowners in Highwood can expect to pay a median property tax bill significantly higher than the national median of $2,400, with figures reaching as high as $16,426 for those in the 90th percentile. The factors influencing these tax bills include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners looking to reduce their property tax burden, Ownwell offers expert property tax appeal and exemption services. By analyzing property assessments and identifying potential discrepancies, Ownwell can help homeowners in Highwood potentially lower their tax bill, ensuring they only pay their fair share.

Property Tax Bills Across Highwood, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Highwood Tax Bill

$7,962

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Highwood, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60040	$4,107	$6,114	$7,962	$11,664	$16,426

Source: Ownwell