Round Lake, Lake County, Illinois Property Taxes

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

Median Round Lake, IL effective property tax rate: 3.23%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Round Lake, IL home value: $200,634
Median annual Round Lake, IL tax bill: $6,589, $4,189 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Round Lake, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.23%

Estimate Property Tax Bill

$6,480

$6,014

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

Local government entities determine tax rates, which can vary significantly within a state. Each year, counties estimate the budget needed to provide services and divide it by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the essence of the annual process. In Round Lake, located in Lake County, Illinois, the effective property tax rate is notably above the national median of 1.02%. This means residents often face higher property tax bills compared to other parts of the country. The median property tax rate in Round Lake is also higher than the state median, reflecting the local government's budgetary requirements and the total assessed property value. Comparing Round Lake's rate with other cities in Illinois and the national average provides insight into how local tax strategies impact residents. Understanding these differences can help property owners make informed decisions about appealing their property taxes or seeking exemptions.

Property Tax Rates Across Round Lake, 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 Round Lake Tax Rate

3.23%

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 Round Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60073	2.60%	3.01%	3.23%	3.73%	4.00%

Source: Ownwell

Property Tax Assessment Values Across Round Lake, Lake County, Illinois

When examining property taxes in Round Lake, 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 Round Lake.

For example, the median home price in Round Lake is $200,634, with tax bills ranging significantly across the county. Zip code 60073 has the highest median home price at $200,634.

Property Tax Assessment Values Across Round Lake, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Round Lake Market Value

$200,634

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 Round Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60073	$108,482	$156,435	$200,634	$264,603	$306,054

Source: Ownwell

Property Tax Bills Across Round Lake, Lake County, Illinois

In Round Lake, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is determined by the local assessor's office. Factors such as property size, location, and market conditions influence this value. In Lake County, the median property tax bill is significantly higher than the national median, with a substantial difference reflected in the local tax bills. While the national median tax bill is $2,400, homeowners in Round Lake face a median bill of $6,589, highlighting the financial burden on property owners. Homeowners in the 25th percentile pay around $4,749, while those in the 75th percentile pay approximately $8,827. This disparity underscores the importance of ensuring accurate assessments. Ownwell assists homeowners by providing expert property tax appeal services, potentially lowering their tax bills. By analyzing assessments and market data, Ownwell identifies opportunities for savings, helping homeowners reduce their financial obligations and achieve fair taxation.

Property Tax Bills Across Round Lake, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Round Lake Tax Bill

$6,589

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Round Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60073	$2,790	$4,749	$6,589	$8,827	$11,231

Source: Ownwell