Ingleside, Illinois Property Taxes
The median property tax rate in Ingleside, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ingleside, the typical annual property tax bill reaches $4,681, exceeding the national median of $2,690. Property taxes in Ingleside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ingleside'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 Ingleside 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
Ingleside, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Ingleside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ingleside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ingleside to estimate 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 Lake County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ingleside, Illinois
Property taxes in Ingleside, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ingleside is 2.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ingleside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ingleside 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. Understanding how these rates compare with other areas within Lake County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ingleside Tax Rate
2.51%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ingleside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60041 | 2.10% | 2.33% | 2.51% | 2.65% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Ingleside, Illinois
In Ingleside, 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 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 Ingleside, 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 Ingleside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $4,681 in zip code 60041.
Average Ingleside Assessed Value
$193,422
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 Ingleside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60041 | $102,738 | $144,215 | $193,422 | $262,431 | $357,103 |
Source: Ownwell
Property Tax Bills Across Ingleside, Illinois
In Ingleside, located in Lake County, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is a percentage of your home's market value, determined by the county assessor. Factors such as property improvements, market trends, and neighborhood characteristics can influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the tax bill. The median home price in Ingleside is $193,422, and the property tax rate in Lake County is generally higher than the national median of 0.99%. For example, the 25th percentile tax bill in Ingleside is $3,307, while the 75th percentile reaches $6,494, and the 90th percentile can be as high as $9,202. High property taxes can significantly impact homeowners, increasing the overall cost of homeownership and influencing decisions on purchasing or renovating properties. Understanding these factors is crucial for homeowners aiming to manage their expenses effectively.
Average Ingleside Tax Bill
$4,681
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ingleside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60041 | $2,018 | $3,307 | $4,681 | $6,494 | $9,202 |
Source: Ownwell