Port Barrington, Illinois Property Taxes
The median property tax rate in Port Barrington, IL is 2.61%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Port Barrington at $323,117, the typical annual property tax bill reaches $9,466, significantly exceeding the national median of $2,690. Property taxes in Port Barrington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Port Barrington'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 Port Barrington 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
Port Barrington, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s PORT BARRINGTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PORT BARRINGTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PORT BARRINGTON 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 Port Barrington, Illinois
Property taxes in Port Barrington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Barrington is 2.61%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Port Barrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Barrington 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 Port Barrington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60010 zip code has the highest median property tax rate of 2.61%, while the same zip code also has the lowest median tax rate of 2.61%. Understanding how these areas compare with Port Barrington 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 Port Barrington Tax Rate
2.61%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.33% | 2.41% | 2.61% | 2.94% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Port Barrington, Illinois
In Port Barrington, 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 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 Port Barrington, 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 Port Barrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 60010 has both the highest and lowest median tax bill at $9,466.
Property Tax Assessment Values Across Port Barrington, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Port Barrington Assessed Value
$323,117
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 Port Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $13,720 | $14,185 | $323,117 | $408,836 | $677,664 |
Source: Ownwell
Property Tax Bills Across Port Barrington, Illinois
In Port Barrington, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate set by various taxing authorities, including schools, municipalities, and other public services. The median home price in Port Barrington is $323,117, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $345, while the 75th percentile tax bill reaches $11,917, and the 90th percentile tax bill can be as high as $15,860. These figures indicate that homeowners with higher-valued properties or those in areas with higher tax rates will face larger tax bills. Comparatively, the national median property tax rate is 0.99%, making Port Barrington's property taxes relatively high. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Port Barrington Tax Bill
$9,466
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Barrington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $334 | $345 | $9,466 | $11,917 | $15,860 |
Source: Ownwell