Prairie View, Lake County, Illinois Property Taxes
Median Prairie View, IL effective property tax rate: 2.87%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Prairie View, IL home value: $275,586
Median annual Prairie View, IL tax bill: $7,645, $5,245 higher than the national median property tax bill of $2,400.
How are property taxes in Lake calculated?
Property taxes in Prairie View, 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 Prairie View’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Prairie View, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Prairie View, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.87%
Estimate Property Tax Bill
$7,909
$7,340
Property Tax Rates Across Prairie View, Lake County, Illinois
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Votes and laws play a role in setting these rates and budgets, but this is the annual process in a nutshell.
Prairie View in Lake County, IL, has an effective property tax rate of 2.87%, which is significantly higher than the national median property tax rate of 1.02%. This rate reflects the county's approach to budgeting and the value of taxable property within its area. The median property tax bill in Prairie View also stands out when compared to the national median tax bill of $2400.
While Prairie View's rate is the highest and lowest in its region, it underscores the importance of understanding local tax dynamics. Comparing Prairie View’s effective property tax rate to other cities in Illinois and the U.S. highlights how tax rates can impact property owners differently across regions.
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 Prairie View Tax Rate
2.87%
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 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 Prairie View, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60069 | 2.64% | 2.76% | 2.87% | 2.94% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Prairie View, Lake County, Illinois
When examining property taxes in Prairie View, 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 Prairie View. For example, the median home price in Prairie View is $275,586, with tax bills ranging significantly across the county. Zip code 60069 has the highest median home price at $275,586.
Property Tax Assessment Values Across Prairie View, Lake County, Illinois
Source: Ownwell
$107,374
$523,101
$938,827
Median Prairie View Market Value
$275,586
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 Prairie View, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60069 | $237,935 | $246,932 | $275,586 | $310,578 | $349,243 |
Source: Ownwell
Property Tax Bills Across Prairie View, Lake County, Illinois
In Prairie View, located in Lake County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is a percentage of the market value, and local authorities set the tax rate to meet budgetary needs. With a median home price of $275,586, homeowners in Prairie View face property tax bills that can vary significantly. The 25th percentile tax bill is $7,003, while the 75th percentile reaches $8,918, highlighting the potential for substantial tax obligations. Comparatively, the national median property tax bill is $2,400, making Prairie View's figures notably higher.
These high property taxes can significantly impact homeowners, often straining household budgets. This is where Ownwell comes in. By providing expert property tax appeal and exemption services, Ownwell helps homeowners challenge their assessments and potentially lower their tax bills. With a deep understanding of local tax codes and a proven track record, Ownwell offers a valuable opportunity for homeowners to reduce their financial burden and achieve potential savings.
Median Prairie View Tax Bill
$7,645
Median Lake County Tax Bill
$7,861
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Prairie View, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60069 | $6,108 | $7,003 | $7,645 | $8,918 | $10,176 |
Source: Ownwell