Riverwoods, Lake County, Illinois Property Taxes
Median Riverwoods, IL effective property tax rate: 2.71%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Riverwoods, IL home value: $647,989
Median annual Riverwoods, IL tax bill: $17,376, $14,976 higher than the national median property tax bill of $2,400.
How are property taxes in Lake County calculated?
Property taxes in Riverwoods, 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 Riverwoods’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Riverwoods, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Riverwoods, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.71%
Estimate Property Tax Bill
$17,561
$16,296
Property Tax Rates Across Riverwoods, Lake County, Illinois
Local government entities set tax rates, which can vary widely within a state. This is because 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 Riverwoods’ effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Riverwoods, located in Lake County, has a property tax rate of 2.71%, which is the highest in the area. This rate is significantly above the national median property tax rate of 1.02%. Despite the high tax rate, property owners in Riverwoods can benefit from appealing their property tax assessments or exploring potential exemptions. By understanding the intricacies of property tax calculations and staying informed about local tax policies, property owners can potentially reduce their tax burden and ensure they are not overpaying.
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 Riverwoods Tax Rate
2.71%
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 Riverwoods, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | 2.37% | 2.63% | 2.71% | 2.82% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Riverwoods, Lake County, Illinois
When examining property taxes in Riverwoods, 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 Riverwoods.
For example, the median home price in Riverwoods is $647,989, with tax bills ranging significantly across the county. Zip code 60015 has the highest median home price at $647,989.
Property Tax Assessment Values Across Riverwoods, Lake County, Illinois
Source: Ownwell
$107,374
$523,101
$938,827
Median Riverwoods Market Value
$647,989
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 Riverwoods, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $441,226 | $545,613 | $647,989 | $832,976 | $1,033,928 |
Source: Ownwell
Property Tax Bills Across Riverwoods, Lake County, Illinois
In Riverwoods, property tax bills are determined by the assessed value of a home, multiplied by the local tax rate. The assessed value is typically a percentage of the market value, which is influenced by factors such as location, property size, and condition. Homeowners in Riverwoods, located in Lake County, face some of the highest property tax bills in the nation, with a median bill of $17,376 in the 60015 zip code. This is significantly higher than the national median property tax bill of $2,400, reflecting the area's higher home values.
For homeowners, these high tax bills can be burdensome, affecting overall affordability and financial planning. That's where Ownwell comes in. By offering property tax appeal and exemption services, Ownwell helps homeowners potentially reduce their tax burdens. Their expertise in navigating the complex property tax system can lead to significant savings, ensuring homeowners aren't overpaying and can better manage their financial resources.
Median Riverwoods Tax Bill
$17,376
Median Lake County Tax Bill
$7,861
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Riverwoods, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60015 | $11,724 | $14,454 | $17,376 | $22,290 | $28,441 |
Source: Ownwell