Round Lake Heights, Illinois Property Taxes
The median property tax rate in Round Lake Heights, IL is 3.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Round Lake Heights at $198,419, the typical annual property tax bill reaches $5,760, exceeding the national median of $2,690. Property taxes in Round Lake Heights 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 Round Lake Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Round Lake Heights 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
Round Lake Heights, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$6,032
$5,894
Ownwell’s Round Lake Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Round Lake Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Round Lake Heights 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 Round Lake Heights, Illinois
Property taxes in Round Lake Heights, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Lake Heights is 3.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Round Lake Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Round Lake Heights 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 Round Lake Heights' effective property tax rate to other areas in Illinois and the national median. For comparison, the 60073 zip code has both the highest and lowest median property tax rate of 3.04%. Understanding how these areas compare with Round Lake Heights 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 Round Lake Heights Tax Rate
3.04%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Round Lake Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | 2.52% | 2.76% | 3.04% | 3.11% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake Heights, Illinois
In ROUND LAKE HEIGHTS, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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. Assessment notices in ROUND LAKE HEIGHTS 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 ROUND LAKE HEIGHTS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5760, found in zip code 60073, while the lowest is also $5760 in the same zip code.
Property Tax Assessment Values Across Round Lake Heights, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Round Lake Heights Assessed Value
$198,419
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 Round Lake Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $107,425 | $134,357 | $198,419 | $225,697 | $253,318 |
Source: Ownwell
Property Tax Bills Across Round Lake Heights, Illinois
In Round Lake Heights, 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 typically a percentage of the market value of the property. For instance, with a median home price of $198,419, homeowners can expect their property taxes to be calculated using this assessed value. Several factors influence the final tax bill, including local tax rates, which fund essential services like schools, infrastructure, and emergency services. The property tax rate in Round Lake Heights can vary, causing tax bills to differ significantly. Homeowners in the 25th percentile can expect a tax bill around $3,567, while those in the 75th percentile might see bills as high as $6,922. The highest median tax bill in the area is $5,760. Compared to the national median property tax rate of 0.99%, homeowners in Round Lake Heights often experience higher tax rates, impacting their annual financial planning and overall housing costs.
Average Round Lake Heights Tax Bill
$5,760
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Round Lake Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $2,824 | $3,567 | $5,760 | $6,922 | $7,847 |
Source: Ownwell