Lake Barrington, Lake County, Illinois Property Taxes

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

Median LAKE BARRINGTON, IL effective property tax rate: 2.29%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median LAKE BARRINGTON, IL home value: $334,314
Median annual LAKE BARRINGTON, IL tax bill: $7,583, $5,183 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Lake Barrington, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.29%

Estimate Property Tax Bill

$7,656

$7,104

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

Local government entities determine property tax rates, which can significantly differ within a state. Each year, counties estimate their necessary budget to fund services and divide this by the total value of all taxable properties in their area, resulting in the property tax rate. Although votes and legislation play a role in setting these rates and budgets, this is essentially the annual procedure.

In Lake Barrington, located in Lake County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. Lake Barrington's rate is also above Illinois' median property tax rate. This can be attributed to the local government's financial requirements and the total assessed property values in the region. Interestingly, within Lake County, there is a significant range in tax rates. The highest median tax rate in the area is 2.92%, while the lowest is 2.28%. This variation highlights the diverse financial needs and property values across different communities.

Understanding these rates can be crucial for property owners, as they directly impact annual tax bills. By appealing or applying for exemptions, residents may find opportunities to reduce their property tax burden, aligning their expenses more closely with their financial capabilities.

Property Tax Rates Across Lake Barrington, 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 Lake Barrington Tax Rate

2.29%

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 Lake Barrington, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60010	2.08%	2.19%	2.28%	2.35%	2.43%
60084	2.79%	2.84%	2.92%	2.98%	3.00%

Source: Ownwell

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

When examining property taxes in Lake Barrington, 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 March. 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 Lake Barrington.

For example, the median home price in Lake Barrington is $334,314, with tax bills ranging significantly across the county. Zip code 60084 has the highest median home price at $407,717.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Lake Barrington Market Value

$334,314

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 Lake Barrington, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60010	$208,047	$261,377	$330,864	$497,913	$655,005
60084	$331,179	$373,707	$407,717	$469,335	$543,100

Source: Ownwell

Property Tax Bills Across Lake Barrington, Lake County, Illinois

In Lake Barrington, IL, property tax bills are determined by assessing the home's market value and applying the local tax rate. The median home price in the area is $334,314, and property owners often face tax bills significantly higher than the national median of $2,400. In Lake County, the 25th percentile tax bill is $5,737, while the 75th percentile reaches $11,749, and the 90th percentile can soar to $15,454. This disparity highlights the financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%. Factors influencing the tax bill include home value assessments, local government budgets, and school district funding needs. Ownwell can help homeowners navigate these complexities by providing expert property tax appeal and exemption services. By analyzing assessment data and identifying potential savings, Ownwell assists in reducing tax liabilities, ensuring homeowners only pay their fair share. This service can be particularly beneficial in areas like Lake Barrington, where property taxes are notably high.

Property Tax Bills Across Lake Barrington, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Lake Barrington Tax Bill

$7,583

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Barrington, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60010	$4,511	$5,657	$7,438	$11,622	$15,394
60084	$9,374	$10,411	$11,548	$13,628	$16,236

Source: Ownwell