Vernon Hills, Lake County, Illinois Property Taxes

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

Median Vernon Hills, IL effective property tax rate: 2.95%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Vernon Hills, IL home value: $324,800. Median annual Vernon Hills, IL tax bill: $9,474, $7,074 higher than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Vernon Hills, Lake County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.95%

Estimate Property Tax Bill

$9,582

$8,891

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

Local government entities are responsible for setting tax rates, which can differ significantly within a state. Annually, each county determines its budget to provide essential services and divides that 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 establishing tax rates and budgets, this is essentially the annual process. In Vernon Hills, located in Lake County, the effective property tax rate is notably higher than the national median of 1.02%. This places a heavier financial burden on property owners compared to other regions. The median property tax rate in Illinois is significantly above the national average, highlighting the importance for property owners in Vernon Hills to be aware of potential tax savings opportunities. By understanding how property taxes are calculated and exploring possible exemptions or appeals, residents can potentially reduce their tax liabilities. Comparing Vernon Hills’ effective property tax rate to other cities in Illinois and the national median can provide valuable insights into the local tax landscape.

Property Tax Rates Across Vernon Hills, 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 Vernon Hills Tax Rate

2.95%

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 Vernon Hills, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60061	2.68%	2.83%	2.95%	3.09%	3.17%

Source: Ownwell

Property Tax Assessment Values Across Vernon Hills, Lake County, Illinois

When examining property taxes in Vernon Hills, 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's Office 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 April. 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 Vernon Hills.

For example, the median home price in Vernon Hills is $324,800, with tax bills ranging significantly across the county. ZIP code 60061 has the highest median home price at $324,800.

Property Tax Assessment Values Across Vernon Hills, Lake County, Illinois

Source: Ownwell

$107,374

$523,101

$938,827

Median Vernon Hills Market Value

$324,800

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 Vernon Hills, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60061	$129,355	$175,899	$324,800	$420,363	$579,730

Source: Ownwell

Property Tax Bills Across Vernon Hills, Lake County, Illinois

In Vernon Hills, located in Lake County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Vernon Hills often face higher tax bills compared to the national median, with tax amounts reaching up to $17,249 for the 90th percentile. The median tax bill in the area is significantly above the national median of $2,400, reflecting the region's higher property values and tax rates. This can be a substantial financial burden for homeowners.

Ownwell offers a solution by providing expert property tax appeal services, helping homeowners potentially reduce their tax bills. By analyzing each property's assessed value and identifying inaccuracies or overvaluations, Ownwell can assist in filing appeals to lower the tax burden. This service not only saves money but also ensures that homeowners in Vernon Hills are paying a fair amount, aligning their tax obligations with the true value of their property.

Property Tax Bills Across Vernon Hills, Lake County, Illinois

Source: Ownwell

$3,893

$12,727

$21,560

Median Vernon Hills Tax Bill

$9,474

Median Lake County Tax Bill

$7,861

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Vernon Hills, Lake County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60061	$3,771	$4,954	$9,474	$12,762	$17,249

Source: Ownwell