Lakemoor, Lake County, Illinois Property Taxes
Median Lakemoor, IL effective property tax rate: 3.13%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lakemoor, IL home value: $195,959
Median annual Lakemoor, IL tax bill: $6,001, $3,601 higher than the national median property tax bill of $2,400.
How are property taxes in Lake calculated?
Property taxes in Lakemoor, 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 Lakemoor’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lakemoor, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lakemoor, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.13%
Estimate Property Tax Bill
$6,134
$5,692
Property Tax Rates Across Lakemoor, Lake County, Illinois
Local government entities determine tax rates, leading to significant variations within a state. This occurs because each county annually estimates its budget needs for public services and divides this by the total assessed value of all taxable properties within its jurisdiction, resulting in the property tax rate. Although votes and regulations play a role in setting these rates and budgets, this is the core of the yearly process.
In Lakemoor, located in Lake County, Illinois, the effective property tax rate is notably higher than both the state and national medians. While Illinois is known for its relatively high property taxes, Lakemoor stands out even within the state. The median property tax rate in Lakemoor is significantly above the national median of 1.02%, reflecting the substantial financial demands placed on property owners in this region. Comparing Lakemoor’s rate to other cities in Illinois and the U.S. highlights the disparity and underscores the importance of understanding local tax obligations. This knowledge is crucial for homeowners looking to manage their expenses effectively and potentially explore options for tax appeals or exemptions.
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 Lakemoor Tax Rate
3.13%
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 County Tax Rate
2.94%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lakemoor, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | 2.21% | 2.77% | 3.13% | 3.25% | 3.47% |
Source: Ownwell
Property Tax Assessment Values Across Lakemoor, Lake County, Illinois
When examining property taxes in Lakemoor, 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's Office 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 Lakemoor.
For example, the median home price in Lakemoor is $195,959, with tax bills ranging significantly across the county. 60051 has the highest median home price at $195,959.
Property Tax Assessment Values Across Lakemoor, Lake County, Illinois
Source: Ownwell
$107,374
$523,101
$938,827
Median Lakemoor Market Value
$195,959
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 Lakemoor, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | $43,681 | $140,705 | $195,959 | $248,812 | $280,333 |
Source: Ownwell
Property Tax Bills Across Lakemoor, Lake County, Illinois
Median Lakemoor Tax Bill
$6,001
Median Lake County Tax Bill
$7,861
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakemoor, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60051 | $988 | $3,429 | $6,001 | $7,939 | $8,729 |
Source: Ownwell