Palatine, Lake County, Illinois Property Taxes

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

Median Palatine, IL effective property tax rate: 2.34%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Palatine, IL home value: $323,171
Median annual Palatine, IL tax bill: $7,327, $4,927 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Palatine, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.34%

Estimate Property Tax Bill

$7,562

$7,018

Ownwell’s Palatine Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palatine with just two data points. By entering your property's estimated assessed value, our calculator applies Palatine’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 Palatine, 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 Palatine’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. In Palatine, located in Cook County, the median property tax rate stands out at 2.33%, significantly higher than the national median of 1.02%. This means residents face property tax bills that are more than twice the national average of $2,400. This high rate underscores the importance of understanding your property tax assessment and exploring potential appeals or exemptions. By being informed and proactive, property owners in Palatine can better manage their tax responsibilities and potentially reduce their financial burden.

Property Tax Rates Across Palatine, 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 Palatine Tax Rate

2.34%

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 Palatine, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60074	2.09%	2.24%	2.33%	2.40%	2.45%
60067	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Palatine, Lake County, Illinois

When examining property taxes in Palatine, 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 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 Palatine. For example, the median home price in Palatine is $323,171, with tax bills ranging significantly across the county. Zip code 60074 has the highest median home price at $323,171.

Property Tax Assessment Values Across Palatine, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Palatine Market Value

$323,171

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 Palatine, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60074	$221,991	$264,390	$323,171	$409,595	$487,792
60067	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Palatine, Lake County, Illinois

In Palatine, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from a percentage of the market value. The median home price in Palatine is $323,171, and property taxes are notably higher than the national median. Homeowners in Palatine face a median property tax bill of $7,327, significantly above the national median of $2,400. This high tax burden is a result of local tax rates and the assessed property values. The tax bill can vary, with the 25th percentile at $5,867 and the 75th percentile reaching $9,539, while the 90th percentile can go up to $11,449. These figures underscore the substantial financial impact on homeowners in the area. Ownwell can assist homeowners by providing property tax appeal services, potentially lowering these burdensome tax bills. By analyzing property assessments and identifying discrepancies, Ownwell helps ensure homeowners are not overpaying, offering a path to significant savings.

Property Tax Bills Across Palatine, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Palatine Tax Bill

$7,327

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Palatine, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60074	$4,934	$5,964	$7,327	$9,610	$11,510
60067	N/A	N/A	N/A	N/A	N/A

Source: Ownwell