Lincolnshire, Lake County, Illinois Property Taxes

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

Median LINCOLNSHIRE, IL effective property tax rate: 2.86%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median LINCOLNSHIRE, IL home value: $465,013
Median annual LINCOLNSHIRE, IL tax bill: $13,139, $10,739 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Lincolnshire, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.86%

Estimate Property Tax Bill

$13,299

$12,341

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

Local government entities determine tax rates, and these can differ significantly within a state. This variation occurs because each county annually estimates the budget needed for services and divides it by the total value of all taxable property in the area, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the essence of the annual process.

In LINCOLNSHIRE, located in Lake County, IL, the effective property tax rate stands at 2.86%, which is notably higher than the national median property tax rate of 1.02%. This rate is consistent across the area, as both the highest and lowest median tax rates in the region are 2.86%. Compared to the median property tax rate across Illinois, LINCOLNSHIRE's rate is significant, reflecting the local government's budgetary needs and property values.

This comparison highlights the importance of understanding local tax rates and how they can impact property owners in different regions. With property tax rates in LINCOLNSHIRE being higher than the national average, residents need to be aware of potential property tax appeal opportunities to ensure fair assessments.

Property Tax Rates Across Lincolnshire, 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 Lincolnshire Tax Rate

2.86%

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 Lincolnshire, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60069	2.64%	2.77%	2.86%	2.93%	3.02%

Source: Ownwell

Property Tax Assessment Values Across Lincolnshire, Lake County, Illinois

When examining property taxes in Lincolnshire, 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 Lincolnshire.

For example, the median home price in Lincolnshire is $465,013, with tax bills ranging significantly across the county. Zip code 60069 has the highest median home price at $465,013.

Property Tax Assessment Values Across Lincolnshire, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Lincolnshire Market Value

$465,013

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 Lincolnshire, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60069	$258,971	$336,816	$465,013	$578,104	$734,522

Source: Ownwell

Property Tax Bills Across Lincolnshire, Lake County, Illinois

In Lincolnshire, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $465,013, homeowners in Lincolnshire face some of the highest property tax bills in the nation. The median property tax bill here is $13,139, significantly higher than the national median of $2,400. Factors such as the home's location, size, and improvements can influence the assessed value and, consequently, the tax bill. Homeowners in Lincolnshire can face tax bills ranging from $9,204 at the 25th percentile to $21,161 at the 90th percentile. Ownwell can assist homeowners in Lincolnshire by providing expert property tax appeal services, potentially reducing their tax burden. Our team analyzes property assessments and market conditions to identify opportunities for savings, helping homeowners pay only their fair share.

Property Tax Bills Across Lincolnshire, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Lincolnshire Tax Bill

$13,139

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lincolnshire, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60069	$6,588	$9,204	$13,139	$16,828	$21,161

Source: Ownwell