Mundelein, Illinois Property Taxes
The median property tax rate in Mundelein, IL is 3.10%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mundelein at $245,742, the typical annual property tax bill reaches $7,550, far exceeding the national median of $2,690. Property taxes in Mundelein are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mundelein'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 Mundelein 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
Mundelein, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.1%
Estimate Property Tax Bill
$7,618
$7,444
Ownwell’s Mundelein Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mundelein with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mundelein 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 Mundelein, Illinois
Property taxes in Mundelein, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mundelein is 3.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mundelein set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mundelein 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 Mundelein's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60060 has both the highest and lowest median property tax rate of 3.10%. Understanding how these cities compare with Mundelein 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 Mundelein Tax Rate
3.10%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mundelein, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60060 | 2.53% | 2.84% | 3.10% | 3.30% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Mundelein, Illinois
In Mundelein, 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 Assessor's Office 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. In Mundelein, 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. Being aware of these valuation processes in Mundelein helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60060 has both the highest and lowest median tax bill at $7,550.
Average Mundelein Assessed Value
$245,742
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 Mundelein, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60060 | $157,374 | $190,459 | $245,742 | $344,797 | $430,314 |
Source: Ownwell
Property Tax Bills Across Mundelein, Illinois
In Mundelein, located in Lake County, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is periodically evaluated by local authorities. Factors such as property size, location, and improvements can influence the assessed value. The local tax rate is set by various taxing entities, including schools, municipalities, and other public services. Homeowners in Mundelein face a median property tax bill of $7,550, with the tax bills ranging widely. For instance, the 25th percentile tax bill stands at $5,838, while the 75th percentile reaches $10,462, and the 90th percentile goes up to $12,860. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions related to buying, selling, or investing in property.
Average Mundelein Tax Bill
$7,550
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mundelein, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60060 | $4,574 | $5,838 | $7,550 | $10,462 | $12,860 |
Source: Ownwell