Tower Lakes, Lake County, Illinois Property Taxes
Median Tower Lakes, IL effective property tax rate: 2.68%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Tower Lakes, IL home value: $431,672
Median annual Tower Lakes, IL tax bill: $11,523, $9,123 higher than the national median property tax bill of $2,400.
How are property taxes in Lake County calculated?
Property taxes in Tower Lakes, 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 Tower Lakes’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Tower Lakes, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Tower Lakes, Lake County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.68%
Estimate Property Tax Bill
$11,569
$10,736
Property Tax Rates Across Tower Lakes, Lake County, Illinois
Local government entities set tax rates, leading to significant variations within a state. Each county estimates its required budget for essential services and divides this by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.
In Tower Lakes, located in Lake County, Illinois, the effective property tax rate stands at 2.68%. This is significantly higher than the national median property tax rate of 1.02%. When comparing Tower Lakes to other cities in Illinois, it becomes apparent that the property tax rate is on the higher end of the spectrum. This rate also surpasses the national median property tax bill of $2400, reflecting the overall higher property valuations and tax assessments in this region. As property owners in Tower Lakes navigate these rates, understanding the local tax landscape becomes crucial for managing expenses and exploring potential tax appeal opportunities.
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 Tower Lakes Tax Rate
2.68%
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 Tower Lakes, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | 2.55% | 2.59% | 2.68% | 2.70% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Tower Lakes, Lake County, Illinois
When examining property taxes in Tower Lakes, 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.
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 Tower Lakes. For example, the median home price in Tower Lakes is $431,672, with tax bills ranging significantly across the county. Zip code 60010 has the highest median home price at $431,672.
Property Tax Assessment Values Across Tower Lakes, Lake County, Illinois
Source: Ownwell
$107,374
$523,101
$938,827
Median Tower Lakes Market Value
$431,672
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 Tower Lakes, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $261,691 | $341,216 | $431,672 | $505,713 | $620,366 |
Source: Ownwell
Property Tax Bills Across Tower Lakes, Lake County, Illinois
In Tower Lakes, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $431,672. Tax rates are applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence these rates. Homeowners in Tower Lakes face a significant tax burden, with the median property tax bill reaching $11,523, notably higher than the national median of $2,400. This substantial difference can strain homeowners financially, especially when compared to the national median property tax rate of 1.02%.
Ownwell offers a solution by helping homeowners appeal their property tax assessments, potentially lowering their tax bills. By analyzing local market trends and assessment data, Ownwell identifies opportunities for tax reductions, ensuring homeowners pay only their fair share. This service can lead to significant savings, easing the financial impact of high property taxes in Tower Lakes.
Median Tower Lakes Tax Bill
$11,523
Median Lake County Tax Bill
$7,861
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Tower Lakes, Lake County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60010 | $6,840 | $9,084 | $11,523 | $13,355 | $16,263 |
Source: Ownwell