Round Lake Park, Lake County, Illinois Property Taxes

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

Median Round Lake Park, IL effective property tax rate: 3.20%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Round Lake Park, IL home value: $132,031
Median annual Round Lake Park, IL tax bill: $4,160, $1,760 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Round Lake Park, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.2%

Estimate Property Tax Bill

$4,225

$3,921

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, our calculator applies Round Lake Park’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 Park, Lake County, Illinois

Local government entities determine tax rates, which can differ significantly within a state. Annually, each county calculates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.

In Round Lake Park, located in Lake County, the effective property tax rate stands out when compared to other cities in Illinois and the national median. Illinois has a notably high median property tax rate compared to the national median of 1.02%. Round Lake Park's rate reflects this trend, emphasizing the importance of understanding how these rates impact property owners. The financial implications for homeowners can be significant, influencing decisions about property investments and financial planning.

Understanding these tax dynamics is crucial for property owners looking to manage their tax liabilities effectively. By comparing Round Lake Park’s property tax rate to other regions, property owners can gain insights into potential savings and make informed decisions about property investments.

Property Tax Rates Across Round Lake Park, 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 Park Tax Rate

3.20%

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 Park, Lake County, 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, Lake County, Illinois

When examining property taxes in Round Lake Park, 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 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 Park.

For example, the median home price in Round Lake Park is $132,031, with tax bills ranging significantly across the county. Zip code 60073 has the highest median home price at $132,031.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Round Lake Park Market Value

$132,031

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 Park, Lake County, 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, Lake County, Illinois

In Round Lake Park, 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, and the tax rate is applied to this value to determine the tax bill. With a median home price of $132,031, homeowners in this area can expect a median property tax bill of approximately $4,160, significantly higher than the national median of $2,400. Factors such as local government budgets, school funding, and public services influence the tax rate, impacting the final bill. For homeowners, high property taxes can be a financial burden. Ownwell offers a solution by providing property tax appeal services, potentially lowering tax bills. By analyzing your property's assessed value and comparing it with similar properties, Ownwell identifies discrepancies and files appeals on your behalf. This service can lead to substantial savings, reducing the financial strain on homeowners in Round Lake Park.

Property Tax Bills Across Round Lake Park, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Round Lake Park Tax Bill

$4,160

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 Park, Lake County, 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