Lake Forest, Lake County, Illinois Property Taxes

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

Median Lake Forest, IL effective property tax rate: 1.94%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lake Forest, IL home value: $758,576
Median annual Lake Forest, IL tax bill: $15,103, $12,703 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Lake Forest, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.94%

Estimate Property Tax Bill

$14,716

$13,656

Ownwell’s Lake Forest Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Forest with just two data points.

By entering your property's estimated assessed value, our calculator applies Lake Forest’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.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake Forest, Lake County, Illinois

Local government entities in Illinois set tax rates, which can vary widely within the state. This variation is due to the annual process where each county estimates its required budget to provide essential 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.

Lake Forest, located in Lake County, has an effective property tax rate that stands out when compared to other cities in Illinois. The median property tax rate in Illinois is notably higher than the national median, reflecting the state's approach to funding local services. This comparison highlights the significance of understanding local property tax rates, especially when they exceed the national median. By staying informed about these rates, property owners can better anticipate their tax obligations and explore potential avenues for appeals or exemptions.

Property Tax Rates Across Lake Forest, 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 Forest Tax Rate

1.94%

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 Forest, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60045	1.84%	1.89%	1.94%	1.98%	2.01%

Source: Ownwell

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

When examining property taxes in Lake Forest, 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 April. 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 Forest. For example, the median home price in Lake Forest is $758,576, with tax bills ranging significantly across the county. 60045 has the highest median home price at $758,576.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Lake Forest Market Value

$758,576

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 Forest, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60045	$407,784	$580,405	$758,576	$1,116,698	$1,626,252

Source: Ownwell

Property Tax Bills Across Lake Forest, Lake County, Illinois

In Lake Forest, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $758,576, property taxes can significantly impact homeowners. The tax bill varies, with the 25th percentile at $11,073 and the 75th percentile reaching $22,033. For those in the 90th percentile, the bill can soar to $31,891, which is considerably higher than the national median property tax bill of $2,400. Such high taxes stem from the need to fund local services, schools, and infrastructure. Homeowners might find these costs burdensome, especially when compared to the national median property tax rate of 1.02%. Ownwell can assist homeowners by identifying potential savings through property tax appeals and exemptions. Our expertise helps ensure that properties are fairly assessed, potentially reducing tax liabilities. By leveraging our services, homeowners in Lake Forest can alleviate the financial strain of high property taxes while ensuring compliance with local regulations.

Property Tax Bills Across Lake Forest, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Lake Forest Tax Bill

$15,103

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 Forest, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60045	$7,666	$11,073	$15,103	$22,033	$31,891

Source: Ownwell