Lake Villa, Illinois Property Taxes
The median property tax rate in Lake Villa, IL is 3.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lake Villa, the typical annual property tax bill reaches $7,046, exceeding the national median of $2,690. Property taxes in Lake Villa 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 Lake Villa'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 Lake Villa 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
Lake Villa, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Lake Villa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Villa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Villa to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Villa, Illinois
Property taxes in Lake Villa, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Villa is 3.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Villa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Villa 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 Lake Villa's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60046 zip code has the highest median property tax rate of 3.17%, while the same zip code also has the lowest median tax rate of 3.17%. Understanding how these cities compare with Lake Villa 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 Lake Villa Tax Rate
3.17%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Villa, 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, Illinois
In Lake Villa, 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's Office 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 Lake Villa, 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. Being aware of these valuation processes in Lake Villa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $7,046 in the 60046 zip code, while the lowest median tax bill is also $7,046 in the same zip code.
Average Lake Villa Assessed Value
$229,676
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 Lake Villa, 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, Illinois
In Lake Villa, Lake County, IL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the local assessor's office. Various factors such as property size, location, and improvements can influence this assessment. The tax rate, set by local taxing authorities, is applied to the assessed value to determine the tax bill. Homeowners in Lake Villa experience a range of property tax bills. The 25th percentile tax bill is around $4,488, while the 75th percentile reaches up to $9,928. The highest median tax bill in the area is $7,046, which is significantly higher than the national median property tax rate of 0.99%. This substantial tax burden can impact homeowners by increasing the cost of homeownership and influencing decisions related to buying, selling, or investing in property within the region.
Average Lake Villa Tax Bill
$7,046
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Villa, 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