Lincolnshire, Illinois Property Taxes
The median property tax rate in Lincolnshire, IL is 2.86%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lincolnshire at $465,013, the typical annual property tax bill reaches $13,139, far exceeding the national median of $2,690. Property taxes in Lincolnshire are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lincolnshire'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 Lincolnshire 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
Lincolnshire, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.86%
Estimate Property Tax Bill
$13,299
$12,996
Ownwell’s LINCOLNSHIRE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LINCOLNSHIRE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LINCOLNSHIRE 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 Lincolnshire, Illinois
Property taxes in Lincolnshire, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincolnshire is 2.86%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lincolnshire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincolnshire 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 Lincolnshire's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60069 zip code has the highest median property tax rate of 2.86%, while the same zip code also has the lowest median tax rate of 2.86%. Understanding how these cities compare with Lincolnshire 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 Lincolnshire Tax Rate
2.86%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincolnshire, 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, Illinois
In Linconshire, 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 Appraisal District 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. 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. The median home price in Lincolnshire is $465,013, with the 25th percentile tax bill at $9,204 and the 75th percentile at $16,828. The highest and lowest median tax bill is $13,139 in zip code 60069. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lincolnshire, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Lincolnshire Assessed Value
$465,013
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 Lincolnshire, 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, Illinois
In Lincolnsire, 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 a percentage of the property's market value, which is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and market trends are considered in the assessment process. Homeowners in Lincolnshire face a median home price of $465,013 and a tax rate that results in substantial tax bills. The 25th percentile tax bill is $9,204, while the 75th percentile tax bill reaches $16,828. At the 90th percentile, homeowners can expect to pay as much as $21,161. The highest median tax bill in the area is $13,139, which is significantly higher than the national median property tax rate of 0.99%. These high tax bills can impact homeowners by increasing the overall cost of homeownership, making it crucial for residents to understand how their tax liabilities are calculated.
Average Lincolnshire Tax Bill
$13,139
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincolnshire, 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