Lake Villa, Lake County, Illinois Property Taxes

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

Median LAKE VILLA, IL effective property tax rate: 3.17%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median LAKE VILLA, IL home value: $229,676
Median annual LAKE VILLA, IL tax bill: $7,046, $4,646 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Lake Villa, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.17%

Estimate Property Tax Bill

$7,281

$6,756

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

By entering your property's estimated assessed value, our calculator applies Lake Villa’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 Villa, Lake County, Illinois

Local government entities in Illinois set tax rates, which can vary widely within the state. Each year, counties like Lake estimate their required budget to provide essential services and divide that by the total value of all taxable property within their 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 Villa in Lake County stands out with its effective property tax rate. The median property tax rate in Lake Villa is significantly higher than the national median, reflecting the local government's budgetary needs and property values. While Illinois is known for its relatively high property tax rates, Lake Villa's rate is among the highest in the state, making it crucial for homeowners to understand their property tax obligations. Comparing Lake Villa’s property tax rate to other cities in Illinois and the national average can provide valuable insights for potential homeowners and investors. Understanding these rates is essential for making informed financial decisions regarding property ownership in the area.

Property Tax Rates Across Lake Villa, 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 Villa Tax Rate

3.17%

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 Villa, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60046	2.47%	2.82%	3.17%	3.43%	3.66%

Source: Ownwell

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

When examining property taxes in LAKE VILLA, 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 LAKE VILLA.

For example, the median home price in LAKE VILLA is $229,676, with tax bills ranging significantly across the county. 60046 has the highest median home price at $229,676.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Lake Villa Market Value

$229,676

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 Villa, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60046	$119,805	$167,698	$229,676	$300,924	$370,534

Source: Ownwell

Property Tax Bills Across Lake Villa, Lake County, Illinois

In Lake Villa, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Lake Villa face a median property tax bill of $7,046, significantly higher than the national median of $2,400. This elevated tax bill can be attributed to the higher local tax rates and property values. The tax bill can vary widely, with some homeowners paying as little as $4,488 or as much as $12,726, depending on factors such as property location and assessed value. These high property tax bills can be a financial burden for homeowners. Ownwell offers property tax appeal services that can help homeowners reduce their tax bills by ensuring that their property is assessed fairly. By leveraging expert knowledge and local market data, Ownwell can identify potential savings and guide homeowners through the appeal process, potentially lowering their tax obligations.

Property Tax Bills Across Lake Villa, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Lake Villa Tax Bill

$7,046

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 Villa, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60046	$2,873	$4,488	$7,046	$9,928	$12,726

Source: Ownwell