Mchenry, Lake County, Illinois Property Taxes

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

Median McHenry, IL effective property tax rate: 2.71%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median McHenry, IL home value: $221,755
Median annual McHenry, IL tax bill: $5,489, $3,089 higher than the national median property tax bill of $2,400.

How are property taxes in Lake calculated?

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

Last Updated March 1, 2025

Mchenry, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.71%

Estimate Property Tax Bill

$6,010

$5,577

Ownwell’s McHenry Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in McHenry with just two data points. By entering your property's estimated assessed value, our calculator applies McHenry’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 McHenry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Mchenry, 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 McHenry’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. In McHenry, located in McHenry County, property owners face an effective tax rate of 2.71%, which is significantly higher than the national median of 1.02%. This places McHenry among the higher-taxed areas in Illinois. Within McHenry County, the highest median tax rate is found in ZIP code 60050 at 2.79%, while the lowest is in ZIP code 60051 at 2.68%. This variance highlights the importance of understanding local tax dynamics, as even within the same county, rates can differ. Comparing these rates to the national median property tax bill of $2400, McHenry residents can expect to pay considerably more, emphasizing the need for effective property tax management and appeal strategies.

Property Tax Rates Across Mchenry, 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 Mchenry Tax Rate

2.71%

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 Mchenry, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60050	2.27%	2.66%	2.79%	2.94%	3.03%
60051	1.99%	2.53%	2.68%	2.82%	2.95%

Source: Ownwell

Property Tax Assessment Values Across Mchenry, Lake County, Illinois

When examining property taxes in McHenry, 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.

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 McHenry.

For example, the median home price in McHenry is $221,755, with tax bills ranging significantly across the county. The 60050 zip code has the highest median home price at $238,599.

Property Tax Assessment Values Across Mchenry, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Mchenry Market Value

$221,755

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 Mchenry, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60050	$153,954	$193,500	$238,599	$297,615	$338,801
60051	$94,996	$161,397	$213,690	$296,616	$365,000

Source: Ownwell

Property Tax Bills Across Mchenry, Lake County, Illinois

In McHenry, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value, and the local tax rate. With a median home price of $221,755, homeowners in McHenry typically face property tax bills significantly higher than the national median of $2,400. The tax bill can range widely, with some paying as low as $4,246 and others as high as $9,618, depending on the assessed value and specific location within the city. For instance, the highest median tax bill in the area is $6,592 in the 60050 zip code, while the lowest is $5,186 in the 60051 zip code. These high taxes can put a considerable financial strain on homeowners, impacting their overall budget and financial planning. Ownwell offers valuable assistance by providing property tax appeal and exemption services, helping homeowners potentially lower their tax bills. By reviewing property assessments and identifying discrepancies, Ownwell can assist in reducing the financial burden associated with property taxes in McHenry.

Property Tax Bills Across Mchenry, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Mchenry Tax Bill

$5,489

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Mchenry, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60050	$3,172	$5,041	$6,592	$8,454	$9,537
60051	$1,713	$4,203	$5,186	$7,439	$9,667

Source: Ownwell