Island Lake, Illinois Property Taxes
The median property tax rate in Island Lake, IL is 2.89%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Island Lake at $190,024, the typical annual property tax bill reaches $5,388, exceeding the national median of $2,690. Property taxes in Island Lake 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 Island Lake'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 Island Lake 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
Island Lake, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$5,492
$5,366
Ownwell’s Island Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Island Lake with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Island Lake to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Island Lake, Illinois
Property taxes in Island Lake, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Lake is 2.89%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Island Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island Lake 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 Island Lake's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60042 zip code has the highest median property tax rate of 2.89%, while the same zip code also holds the lowest median tax rate of 2.89%. Understanding how these cities compare with Island Lake 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 Island Lake Tax Rate
2.89%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island Lake, 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, Illinois
In Island Lake, 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 Island Lake, 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. For Island Lake, the median home price stands at $190,024, with annual tax bills ranging from $4,216 at the 25th percentile to $8,946 at the 90th percentile. The highest and lowest median tax bill in the area is $5,388 in the 60042 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Island Lake Assessed Value
$190,024
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 Island Lake, 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, Illinois
In Island Lake, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. Homeowners in Island Lake, Lake County, can expect their tax bills to be influenced by several factors, including the local tax rate and any applicable exemptions. The median home price in Island Lake is $190,024, and the property tax rate in this region is notably higher than the national median of 0.99%. As a result, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $4,216, while the 75th percentile tax bill reaches $7,252, and the 90th percentile tax bill goes up to $8,946. This variation highlights how property taxes can impact homeowners differently, depending on the assessed value of their properties and the specific tax rate applied. Understanding these factors is crucial for homeowners to anticipate their financial obligations and budget accordingly.
Average Island Lake Tax Bill
$5,388
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Island Lake, 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