Round Lake Park, Illinois Property Taxes
The median property tax rate in Round Lake Park, IL is 3.20%, 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 Park at $132,031, the typical annual property tax bill reaches $4,160, exceeding the national median of $2,690. Property taxes in Round Lake Park 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 Park's 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 Park 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 Park, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Round Lake Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Round Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Round Lake Park to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Round Lake Park, Illinois
Property taxes in Round Lake Park, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Lake Park is 3.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Round Lake Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Round Lake Park 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 Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60073 has the highest median property tax rate of 3.20%, while the same zip code also has the lowest median tax rate of 3.20%. Understanding how these cities compare with Round Lake Park 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 Park Tax Rate
3.20%
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | 2.62% | 2.97% | 3.20% | 3.53% | 3.60% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake Park, Illinois
In Round Lake Park, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Assessment Office 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. In Round Lake Park, assessment notices 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. For instance, the median home price in Round Lake Park is $132,031, with tax bills ranging from $3,178 at the 25th percentile to $6,884 at the 90th percentile. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Round Lake Park, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Round Lake Park Assessed Value
$132,031
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $86,760 | $104,212 | $132,031 | $175,232 | $204,038 |
Source: Ownwell
Property Tax Bills Across Round Lake Park, Illinois
In Round Lake Park, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the Lake County Assessor's Office. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $132,031, local tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property’s location, size, and any applicable exemptions. In Round Lake Park, property taxes can vary significantly, with the 25th percentile tax bill at $3,178 and the 75th percentile at $5,673. The highest median tax bill in the area is $4,160. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Round Lake Park may find their property tax bills higher than the national median property tax rate of 0.99%, impacting their annual budgeting and overall financial planning.
Average Round Lake Park Tax Bill
$4,160
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 Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60073 | $2,382 | $3,178 | $4,160 | $5,673 | $6,884 |
Source: Ownwell