Old Mill Creek, Lake County, Illinois Property Taxes

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

Median Old Mill Creek, IL effective property tax rate: 3.31%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Old Mill Creek, IL home value: $492,038
Median annual Old Mill Creek, IL tax bill: $17,104, $14,704 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Old Mill Creek, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.31%

Estimate Property Tax Bill

$16,286

$15,113

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

Local government entities set property tax rates, which can vary significantly within Illinois. Each year, counties estimate the budget needed to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.

In Old Mill Creek, located in Lake County, the effective property tax rate is notably higher than the national median of 1.02%. This places a more substantial burden on property owners compared to other regions. When comparing Old Mill Creek's property tax rates to other cities in Illinois, it becomes evident that residents here face one of the highest property tax rates in the state. This can impact homeowners' financial planning and property investment decisions. Understanding these tax rates is crucial for residents and potential property buyers in Old Mill Creek to make informed decisions about their properties.

Property Tax Rates Across Old Mill Creek, 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 Old Mill Creek Tax Rate

3.31%

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 Old Mill Creek, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60083	2.90%	3.15%	3.31%	3.82%	3.98%

Source: Ownwell

Property Tax Assessment Values Across Old Mill Creek, Lake County, Illinois

When examining property taxes in Old Mill Creek, 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 Old Mill Creek.

For example, the median home price in Old Mill Creek is $492,038, with tax bills ranging significantly across the county. Zip code 60083 has the highest median home price at $492,038.

Property Tax Assessment Values Across Old Mill Creek, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Old Mill Creek Market Value

$492,038

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 Old Mill Creek, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60083	$158,410	$279,724	$492,038	$611,586	$697,884

Source: Ownwell

Property Tax Bills Across Old Mill Creek, Lake County, Illinois

In Old Mill Creek, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The median home price in this area is $492,038. Local tax rates are applied to this assessed value to determine the tax bill. Factors such as school district funding and local government budgets can influence these rates, resulting in varying tax bills. Homeowners in Old Mill Creek experience a median property tax bill significantly higher than the national median of $2,400, with amounts ranging from $9,324 at the 25th percentile to $22,763 at the 90th percentile. This can place a substantial financial burden on homeowners. Ownwell offers expertise in property tax appeal and exemption services, helping homeowners potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can assist homeowners in challenging inflated assessments, ultimately leading to significant savings.

Property Tax Bills Across Old Mill Creek, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Old Mill Creek Tax Bill

$17,104

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Old Mill Creek, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60083	$4,732	$9,324	$17,104	$20,157	$22,763

Source: Ownwell