Volo, Illinois Property Taxes
The median property tax rate in Volo, IL is 3.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Volo at $240,582, the typical annual property tax bill reaches $8,428, exceeding the national median of $2,690. Property taxes in Volo 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 Volo'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 Volo 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
Volo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.54%
Estimate Property Tax Bill
$8,517
$8,322
Ownwell’s Volo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Volo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Volo to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Lake County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Volo, Illinois
Property taxes in Volo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Volo is 3.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Volo set these rates annually, and they can vary considerably across different neighborhoods. Each year, Volo 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 Volo's effective property tax rate to other areas in Lake County and the national median. For comparison, the zip code 60073 has the highest median property tax rate of 3.59%, while the zip code 60020 has the lowest median tax rate of 2.69%. Understanding how these areas compare with Volo 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 regions.
Average Volo Tax Rate
3.54%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Volo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60020 | 2.51% | 2.64% | 2.69% | 2.77% | 3.02% |
| 60030 | 3.10% | 3.11% | 3.14% | 3.17% | 3.18% |
| 60041 | N/A | N/A | N/A | N/A | N/A |
| 60073 | 3.40% | 3.53% | 3.59% | 3.67% | 3.76% |
Source: Ownwell
Property Tax Assessment Values Across Volo, Illinois
In Volo, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Assessor 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 Volo, 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 Volo is $240,582, with tax bills ranging from $5,873 at the 25th percentile to $11,521 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code with the highest median tax bill is 60030 at $12,304, while the lowest is 60020 at $4,542. Being aware of these valuation processes in Volo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Volo Assessed Value
$240,582
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 Volo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60020 | $156,916 | $165,979 | $167,518 | $191,106 | $213,910 |
| 60030 | $282,890 | $324,667 | $394,296 | $463,924 | $505,702 |
| 60041 | N/A | N/A | N/A | N/A | N/A |
| 60073 | $194,992 | $199,634 | $267,597 | $298,495 | $332,834 |
Source: Ownwell
Property Tax Bills Across Volo, Illinois
In Volo, located in Lake County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the home. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the home's location, size, and any applicable exemptions. For instance, the median home price in Volo is $240,582, and property tax bills can vary widely. The 25th percentile tax bill is $5,873, while the 75th percentile tax bill is $10,482. At the 90th percentile, homeowners may see tax bills as high as $11,521. These property taxes significantly impact homeowners by adding a substantial annual expense. Compared to the national median property tax rate of 0.99%, Volo's property tax rates are notably higher, reflecting the county's funding needs and property values.
Average Volo Tax Bill
$8,428
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Volo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60020 | $3,907 | $4,306 | $4,542 | $5,147 | $5,893 |
| 60030 | $8,976 | $10,224 | $12,304 | $14,384 | $15,632 |
| 60041 | N/A | N/A | N/A | N/A | N/A |
| 60073 | $6,431 | $7,052 | $9,620 | $10,785 | $11,762 |
Source: Ownwell