Third Lake, Lake County, Illinois Property Taxes

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

Median Third Lake, IL effective property tax rate: 3.43%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Third Lake, IL home value: $274,815
Median annual Third Lake, IL tax bill: $9,407, $7,007 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Third Lake, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.43%

Estimate Property Tax Bill

$9,426

$8,747

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

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Third Lake, located in Lake County, Illinois, property owners experience an effective property tax rate significantly higher than the national median. With a median tax rate of 3.43%, Third Lake stands out not only within Illinois but also on a national scale. In comparison, the national median property tax rate is 1.02%, making Third Lake's rate over three times higher. This can result in a substantial property tax bill for homeowners, far exceeding the national median of $2,400. Understanding these differences is essential for property owners, as they can significantly impact the affordability and long-term financial planning of owning a home in this area.

Property Tax Rates Across Third 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 Third Lake Tax Rate

3.43%

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 Third Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60030	3.13%	3.28%	3.43%	3.50%	3.57%

Source: Ownwell

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

When examining property taxes in Third 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 appraisal district 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. Assessment notices: 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 Third Lake. For example, the median home price in Third Lake is $274,815, with tax bills ranging significantly across the county. 60030 has the highest median home price at $274,815.

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

Source: Ownwell

$107,374

$523,101

$938,827

Median Third Lake Market Value

$274,815

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 Third Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60030	$210,578	$242,874	$274,815	$332,363	$460,573

Source: Ownwell

Property Tax Bills Across Third Lake, Lake County, Illinois

In Third Lake, located in Lake County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. Homeowners in this area face a median property tax bill of $9,407, significantly higher than the national median of $2,400. This is largely due to the assessed property values and the local tax rates. The tax bill varies widely, with the 25th percentile at $8,089 and the 90th percentile reaching $16,024, reflecting the diverse range of property values and tax burdens within the community. These figures highlight the substantial impact property taxes can have on homeowners' finances.

Ownwell can assist homeowners in Third Lake by providing expert property tax appeal services. By analyzing each property's assessed value and comparing it to market trends and similar properties, Ownwell can identify potential discrepancies and argue for a fairer assessment. This process can lead to significant savings on property tax bills, easing the financial burden on homeowners and ensuring they are not overpaying based on inaccurate assessments.

Property Tax Bills Across Third Lake, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Third Lake Tax Bill

$9,407

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Third Lake, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60030	$6,780	$8,089	$9,407	$11,267	$16,024

Source: Ownwell