Island Lake, Lake County, Illinois Property Taxes

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

Median Island Lake, IL effective property tax rate: 2.89%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Island Lake, IL home value: $190,024
Median annual Island Lake, IL tax bill: $5,388, $2,988 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Island Lake, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.89%

Estimate Property Tax Bill

$5,492

$5,096

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

Local government entities set tax rates, which can vary widely within a state. Why? Because 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 Island Lake’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

In Island Lake, located in Lake County, the effective property tax rate is significantly higher than the national median of 1.02%. This difference highlights the variability in property tax rates across different regions. The rate in Island Lake is reflective of the local budgetary needs and the total assessed property values within the county. While this might seem high compared to the national average, it is essential to consider the services and benefits funded by these taxes. Understanding these dynamics can help property owners in Island Lake make informed decisions regarding their tax appeals and exemptions.

Property Tax Rates Across Island Lake, 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 Island Lake Tax Rate

2.89%

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 Island Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60042	2.45%	2.72%	2.89%	3.01%	3.23%

Source: Ownwell

Property Tax Assessment Values Across Island Lake, Lake County, Illinois

When examining property taxes in Island Lake, 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 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 Island Lake. For example, the median home price in Island Lake is $190,024, with tax bills ranging significantly across the county. Zip code 60042 has the highest median home price at $190,024.

Property Tax Assessment Values Across Island Lake, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Island Lake Market Value

$190,024

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 Island Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60042	$122,749	$155,535	$190,024	$248,644	$301,267

Source: Ownwell

Property Tax Bills Across Island Lake, Lake County, Illinois

In Island Lake, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine the property tax bill. The median home price in the area is approximately $190,024, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $4,216, while the 75th percentile tax bill is about $7,252. The 90th percentile can reach as high as $8,946. This variation highlights the impact of different assessed values and tax rates on homeowners. Compared to the national median property tax bill of $2,400, homeowners in Island Lake face relatively higher tax bills. Ownwell offers services to help homeowners in Island Lake potentially reduce their property tax bills by providing expert assistance in filing appeals and identifying applicable exemptions. By leveraging Ownwell's expertise, homeowners can ensure they are not overpaying on their property taxes, potentially saving a significant amount annually.

Property Tax Bills Across Island Lake, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Island Lake Tax Bill

$5,388

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Island Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60042	$2,957	$4,216	$5,388	$7,252	$8,946

Source: Ownwell