Lake Zurich, Lake County, Illinois Property Taxes

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

Median Lake Zurich, IL effective property tax rate: 2.45%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lake Zurich, IL home value: $334,425
Median annual Lake Zurich, IL tax bill: $8,126, $5,726 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Lake Zurich, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.45%

Estimate Property Tax Bill

$8,193

$7,603

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

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide 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. Below, you can compare Lake Zurich’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Property Tax Rates Across Lake Zurich, 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 Zurich Tax Rate

2.45%

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 Zurich, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60047	2.24%	2.36%	2.45%	2.50%	2.58%

Source: Ownwell

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

When examining property taxes in Lake Zurich, 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. Assessment notices: 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 Zurich. For example, the median home price in Lake Zurich is $334,425, with tax bills ranging significantly across the county. Zip code 60047 has the highest median home price at $334,425.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Lake Zurich Market Value

$334,425

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 Zurich, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60047	$209,882	$265,787	$334,425	$413,408	$500,999

Source: Ownwell

Property Tax Bills Across Lake Zurich, Lake County, Illinois

In Lake Zurich, Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The property tax rate in this area is significantly higher than the national median of 1.02%, leading to a median property tax bill of $8,126. This figure is considerably above the national median tax bill of $2,400. The tax bill can vary widely, with some homeowners paying as much as $12,635, depending on factors such as property location, size, and market value. These high taxes can pose a financial burden for homeowners, impacting affordability and long-term financial planning. Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners potentially reduce their tax bills. By analyzing property assessments and market conditions, Ownwell can identify opportunities for savings, ensuring that homeowners in Lake Zurich pay only their fair share of property taxes.

Property Tax Bills Across Lake Zurich, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Lake Zurich Tax Bill

$8,126

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 Zurich, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60047	$4,795	$6,241	$8,126	$10,185	$12,635

Source: Ownwell