Round Lake Beach, Lake County, Illinois Property Taxes
Median Round Lake Beach, IL effective property tax rate: 3.08%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Round Lake Beach, IL home value: $157,770
Median annual Round Lake Beach, IL tax bill: $4,790, $2,390 higher than the national median property tax bill of $2,400.
How are property taxes in Lake County calculated?
Property taxes in Round Lake Beach, 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 Beach’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Round Lake Beach, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Round Lake Beach, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
3.08%
Estimate Property Tax Bill
$4,859
$4,509
Property Tax Rates Across Round Lake Beach, Lake County, Illinois
Local government entities are responsible for setting property tax rates, which can vary widely within Illinois. Each year, counties estimate the budget required to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Votes and laws play a role in setting these rates and budgets, but this is the core of the annual process.
In Round Lake Beach, the effective property tax rate stands at 3.08%, which is significantly higher than both the Illinois state median and the national median property tax rate of 1.02%. This makes Round Lake Beach one of the areas with the highest property tax rates in the nation. The property tax rate in Round Lake Beach can lead to a substantial property tax bill, especially when compared to the national median property tax bill of $2400. Understanding these rates can help property owners assess their tax liabilities and explore potential savings through property tax appeals or exemptions.
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 Beach Tax Rate
3.08%
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 Round Lake Beach, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | 2.57% | 2.87% | 3.08% | 3.31% | 3.66% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake Beach, Lake County, Illinois
When examining property taxes in Round Lake Beach, 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 Round Lake Beach. For example, the median home price in Round Lake Beach is $157,770, with tax bills ranging significantly across the county. ZIP code 60073 has the highest median home price at $157,770.
Property Tax Assessment Values Across Round Lake Beach, Lake County, Illinois
Source: Ownwell
$107,374
$523,101
$938,827
Median Round Lake Beach Market Value
$157,770
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 Beach, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $103,663 | $128,888 | $157,770 | $200,081 | $227,252 |
Source: Ownwell
Property Tax Bills Across Round Lake Beach, Lake County, Illinois
In Round Lake Beach, located in Lake County, IL, 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 a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate, impacting homeowners directly. In Round Lake Beach, the median property tax bill is $4,790, which is significantly higher than the national median of $2,400. This can be attributed to the local tax rate and the assessed values in the area.
Ownwell can assist homeowners in Round Lake Beach by providing expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell helps homeowners potentially lower their tax bills. This service not only saves money but also ensures that homeowners are not overpaying on their property taxes, offering peace of mind and financial relief.
Property Tax Bills Across Round Lake Beach, Lake County, Illinois
Source: Ownwell
$3,893
$12,727
$21,560
Median Round Lake Beach Tax Bill
$4,790
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 Beach, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $2,813 | $3,688 | $4,790 | $6,390 | $7,829 |
Source: Ownwell