Park City, Lake County, Illinois Property Taxes

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

Median Park City, IL effective property tax rate: 3.28%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Park City, IL home value: $160,180
Median annual Park City, IL tax bill: $5,207, $2,807 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Park City, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.28%

Estimate Property Tax Bill

$5,254

$4,875

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

Local government entities determine tax rates, which can differ significantly within a state. Each year, counties estimate the budget needed to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Though votes and laws play a role in setting these rates and budgets, this is the basic annual process.

In Park City, located in Lake County, IL, the effective property tax rate stands at 3.28%. This rate is significantly higher than the national median of 1.02%. In comparison to other cities in Illinois, Park City's rate is one of the highest, reflecting the county's budgetary needs and the total value of taxable properties. While property taxes in Park City contribute to funding vital local services, it’s important for homeowners to explore potential exemptions and appeal options to manage their tax burden effectively. Understanding these rates and how they compare to state and national levels can empower property owners in making informed decisions about their financial planning and property investments.

Property Tax Rates Across Park City, 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 Park City Tax Rate

3.28%

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 Park City, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60085	2.82%	3.07%	3.28%	3.36%	3.50%

Source: Ownwell

Property Tax Assessment Values Across Park City, Lake County, Illinois

When examining property taxes in Park City, 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 April. 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 Park City. For example, the median home price in Park City is $160,180, with tax bills ranging significantly across the county. Zip code 60085 has the highest median home price at $160,180.

Property Tax Assessment Values Across Park City, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Park City Market Value

$160,180

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 Park City, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60085	$128,527	$142,828	$160,180	$186,464	$237,399

Source: Ownwell

Property Tax Bills Across Park City, Lake County, Illinois

In Park City, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. Lake County, where Park City is located, has one of the highest property tax burdens in the nation. The median property tax bill in this area is significantly higher than the national median of $2,400, with figures ranging from $4,623 at the 25th percentile to $7,952 at the 90th percentile. This disparity highlights the substantial financial impact on homeowners in the region. Factors influencing the tax bill include the local tax rate and the assessed value of the property. High property taxes can strain homeowners, especially when property values rise. Ownwell assists homeowners by offering property tax appeal services, helping to ensure their assessments are fair and accurate. By leveraging expertise in local tax regulations and valuation methods, Ownwell can potentially reduce tax liabilities, offering financial relief and peace of mind to property owners.

Property Tax Bills Across Park City, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Park City Tax Bill

$5,207

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Park City, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60085	$3,850	$4,623	$5,207	$6,089	$7,952

Source: Ownwell